Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 16, 2024 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-50765 | |
Entity Registrant Name | Village Bank & Trust Financial Corp. | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 16-1694602 | |
Entity Address, Address Line One | 13319 Midlothian Turnpike | |
Entity Address, City or Town | Midlothian | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23113 | |
City Area Code | 804 | |
Local Phone Number | 897-3900 | |
Title of 12(b) Security | Common Stock, par value $4.00 per share | |
Trading Symbol | VBFC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,495,251 | |
Entity Central Index Key | 0001290476 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 13,073,000 | $ 10,383,000 |
Federal funds sold | 19,323,000 | 7,331,000 |
Total cash and cash equivalents | 32,396,000 | 17,714,000 |
Investment securities available for sale, at fair value | 82,784,000 | 105,585,000 |
Restricted stock, at cost | 2,755,000 | 2,985,000 |
Loans held for sale | 7,019,000 | 4,983,000 |
Loans | ||
Allowance for credit losses | (3,574,000) | (3,423,000) |
Loans | ||
Outstandings | 591,338,000 | 575,008,000 |
Allowance for credit losses | (3,574,000) | (3,423,000) |
Deferred costs, net | 750,000 | 803,000 |
Total loans, net | 588,514,000 | 572,388,000 |
Premises and equipment, net | 11,773,000 | 11,760,000 |
Bank owned life insurance | 13,198,000 | 13,120,000 |
Accrued interest receivable | 3,531,000 | 3,827,000 |
Other assets | 4,902,000 | 4,254,000 |
Total Assets | 746,872,000 | 736,616,000 |
Deposits | ||
Noninterest bearing demand | 230,118,000 | 247,624,000 |
Interest bearing | 390,151,000 | 357,721,000 |
Total deposits | 620,269,000 | 605,345,000 |
Long-term debt - trust preferred securities | 8,764,000 | 8,764,000 |
Subordinated debt, net | 5,700,000 | 5,700,000 |
Federal Home Loan Bank advances | 40,000,000 | 45,000,000 |
Accrued interest payable | 406,000 | 210,000 |
Other liabilities | 3,375,000 | 4,041,000 |
Total liabilities | 678,514,000 | 669,060,000 |
Shareholders' equity | ||
Common stock, $4 par value, 10,000,000 shares authorized; 1,495,251 shares issued and outstanding at March 31, 2024 and 1,492,879 shares issued and outstanding at December 31, 2023 | 5,918,000 | 5,908,000 |
Additional paid-in capital | 55,557,000 | 55,486,000 |
Retained earnings | 13,278,000 | 11,775,000 |
Stock in directors rabbi trust | (439,000) | (467,000) |
Directors deferred fees obligation | 439,000 | 467,000 |
Accumulated other comprehensive loss | (6,395,000) | (5,613,000) |
Total shareholders' equity | 68,358,000 | 67,556,000 |
Total liabilities and shareholders' equity | $ 746,872,000 | $ 736,616,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Consolidated Balance Sheets | ||
Common stock, par value (in dollars per share) | $ 4 | $ 4 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 1,495,251 | 1,492,879 |
Common stock, shares outstanding (in shares) | 1,495,251 | 1,492,879 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Loans | $ 8,201 | $ 6,762 |
Investment securities | 932 | 727 |
Federal funds sold | 202 | 94 |
Total interest income | 9,335 | 7,583 |
Interest expense | ||
Deposits | 2,096 | 624 |
Borrowed funds | 843 | 594 |
Total interest expense | 2,939 | 1,218 |
Net interest income | 6,396 | 6,365 |
Provision for credit losses, after ASU 2016-13 | 150 | |
Net interest income after provision for credit losses | 6,246 | 6,365 |
Noninterest income | ||
Service charges and fees | 641 | 669 |
Mortgage banking income, net | 850 | 478 |
Other | 113 | 109 |
Total noninterest income (loss) | 1,604 | 1,256 |
Noninterest expense | ||
Salaries and benefits | 3,464 | 3,448 |
Occupancy | 332 | 311 |
Equipment | 278 | 285 |
Supplies | 49 | 49 |
Data processing | 439 | 440 |
Professional and outside services | 418 | 372 |
Advertising and marketing | 83 | 111 |
FDIC insurance premium | 92 | 50 |
Other operating expense | 474 | 690 |
Total noninterest expense | 5,629 | 5,756 |
Income before income tax expense | 2,221 | 1,865 |
Income tax expense | 449 | 325 |
Net income | $ 1,772 | $ 1,540 |
Earnings (loss) per share, basic | $ 1.19 | $ 1.04 |
Earnings (loss) per share, diluted | $ 1.19 | $ 1.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Comprehensive Income (Loss) | ||
Net income (loss) | $ 1,772 | $ 1,540 |
Other comprehensive income (loss) | ||
Unrealized holding gains arising during the period | (990) | 1,876 |
Tax effect | 208 | (394) |
Net change in unrealized holding gains on securities available for sale, net of tax | (782) | 1,482 |
Minimum pension adjustment | 3 | |
Tax effect | (1) | |
Minimum pension adjustment, net of tax | 2 | |
Total other comprehensive (loss) income | (782) | 1,484 |
Total comprehensive income | $ 990 | $ 3,024 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings Adoption of ASC 326 | Retained Earnings | Stock in Directors Rabbi Trust | Directors Deferred Fees Obligation. | Accumulated Other Comprehensive Income (Loss) | Adoption of ASC 326 | Total |
Balance at Dec. 31, 2022 | $ 5,868 | $ 55,167 | $ 10,957 | $ (689) | $ 689 | $ (10,881) | $ 61,111 | ||
Restricted stock redemption | 94 | (94) | |||||||
Vesting of restricted stock | 13 | (13) | |||||||
Stock based compensation | 102 | 102 | |||||||
Cash dividend declared | (237) | (237) | |||||||
Net income (loss) | 1,540 | 1,540 | |||||||
Other comprehensive income/loss | 1,484 | 1,484 | |||||||
Balance at Mar. 31, 2023 | 5,881 | 55,256 | 12,141 | (595) | 595 | (9,397) | 63,881 | ||
Impact of adoption of ASC 326 | $ (119) | $ (119) | |||||||
Balance at Dec. 31, 2023 | 5,908 | 55,486 | 11,775 | (467) | 467 | (5,613) | 67,556 | ||
Restricted stock redemption | 28 | (28) | |||||||
Vesting of restricted stock | 10 | (10) | |||||||
Stock based compensation | 81 | 81 | |||||||
Cash dividend declared | (269) | (269) | |||||||
Net income (loss) | 1,772 | 1,772 | |||||||
Other comprehensive income/loss | (782) | (782) | |||||||
Balance at Mar. 31, 2024 | $ 5,918 | $ 55,557 | $ 13,278 | $ (439) | $ 439 | $ (6,395) | $ 68,358 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Shareholders' Equity | ||
Cash dividends declared, per share | $ 0.18 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 1,772 | $ 1,540 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 163 | 140 |
Amortization of debt issuance costs | 8 | |
Deferred income taxes | (32) | 59 |
Provision for credit losses | 150 | |
Gain on sales of loans held for sale | (514) | (611) |
Stock compensation expense | 81 | 102 |
Proceeds from sale of mortgage loans | 19,954 | 25,187 |
Origination of mortgage loans held for sale | (21,476) | (24,160) |
Amortization of premiums and accretion of discounts on securities, net | (69) | (39) |
Increase in bank owned life insurance | (78) | (68) |
Net change in: | ||
Interest receivable | 296 | 77 |
Other assets | (408) | (615) |
Interest payable | 196 | 142 |
Other liabilities | (679) | 334 |
Net cash (used in) provided by operating activities | (644) | 2,096 |
Cash Flows from Investing Activities | ||
Purchases of available for sale securities | (2,652) | |
Proceeds from the sale of available-for-sale securities | 0 | 0 |
Proceeds from maturities, calls and paydowns of available for sale securities | 21,880 | 2,467 |
Net increase in loans | (16,263) | (1,667) |
Purchases of premises and equipment, net | (176) | (198) |
Purchase of restricted stock, net | 230 | (626) |
Net cash provided by (used in) investing activities | 5,671 | (2,676) |
Cash Flows from Financing Activities | ||
Cash dividends paid | (269) | (237) |
Net increase (decrease) in deposits | 14,924 | (6,727) |
Net (decrease) increase in other borrowings | (5,000) | 15,000 |
Net cash provided by financing activities | 9,655 | 8,036 |
Net increase in cash and cash equivalents | 14,682 | 7,456 |
Cash and cash equivalents, beginning of period | 17,714 | 16,678 |
Cash and cash equivalents, end of period | 32,396 | 24,134 |
Supplemental Disclosure of Cash Flow Information | ||
Cash payments for interest | 2,743 | 1,076 |
Cash payments for taxes | 168 | |
Supplemental Schedule of Non-Cash Activities | ||
Unrealized (losses) gains on securities available for sale | $ (990) | 1,876 |
Minimum pension adjustment | $ 3 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies | |
Principles of presentation | Note 1 – Principles of presentation Village Bank and Trust Financial Corp. (the “Company”) is the holding company of Village Bank (the “Bank”). The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s subsidiary, Village Bank Mortgage Corporation. All material intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements of the Company have been prepared on the accrual basis in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, all adjustments that are, in the opinion of management, necessary for a fair presentation have been included. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. The unaudited interim financial statements should be read in conjunction with the audited financial statements and notes to financial statements that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (“SEC”). |
Use of estimates
Use of estimates | 3 Months Ended |
Mar. 31, 2024 | |
Use of estimates | |
Use of estimates | Note 2 – Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheets and statements of income for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the allowance for credit losses and its related provision including collateral dependent loans. |
Earnings per common share
Earnings per common share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings per common share | |
Earnings per common share | Note 3 – Earnings per common share The following table presents the basic and diluted earnings per common share computation (dollars in thousands, except per share data): Three Months Ended March 31, 2024 2023 Numerator Net income - basic and diluted $ 1,772 $ 1,540 Denominator Weighted average shares outstanding - basic 1,493 1,484 Dilutive effect of common stock options — — Weighted average shares outstanding - diluted 1,493 1,484 Earnings per share - basic $ 1.19 $ 1.04 Earnings per share - diluted $ 1.19 $ 1.04 Applicable guidance requires that outstanding, unvested share-based payment awards that contain voting rights and rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. Accordingly, the weighted average number of shares of the Company’s common stock used in the calculation of basic and diluted net income per common share includes unvested shares of the Company’s outstanding restricted common stock. The vesting of 10,252 and 10,658 of the unvested restricted units at March 31, 2024 and 2023, respectively, included in Note 10 “Stock incentive plan” was dependent upon meeting certain performance criteria. As of March 31, 2024 and 2023, it was indeterminable whether these unvested restricted units would vest and as such the underlying shares were excluded from common shares issued and outstanding at such date and were not included in the computation of earnings per share for such period. |
Investment securities available
Investment securities available for sale | 3 Months Ended |
Mar. 31, 2024 | |
Investment securities available for sale | |
Investment securities available for sale | Note 4 – Investment securities available for sale The amortized cost and fair value of investment securities available for sale as of March 31, 2024 and December 31, 2023 are as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value March 31, 2024 U.S. Government agency obligations $ 695 $ — $ (17) $ 678 Mortgage-backed securities 75,706 261 (6,060) 69,907 Municipals 2,263 — (611) 1,652 Subordinated debt 12,202 29 (1,684) 10,547 $ 90,866 $ 290 $ (8,372) $ 82,784 December 31, 2023 U.S. Government agency obligations $ 20,690 $ — $ (75) $ 20,615 Mortgage-backed securities 77,275 643 (5,381) 72,537 Municipals 2,264 — (608) 1,656 Subordinated debt 12,449 30 (1,702) 10,777 $ 112,678 $ 673 $ (7,766) $ 105,585 The Company had investment securities with a fair value of $575,000 and $24,926,000 pledged to secure borrowings from the Federal Home Loan Bank of Atlanta ("FHLB") at March 31, 2024 and December 31, 2023, respectively. There were no sales of available for sale securities for the three months ended March 31, 2024 and 2023. Investment securities available for sale that have an unrealized loss position at March 31, 2024 and December 31, 2023 are detailed below (in thousands): Securities in a loss Securities in a loss position for less than position for more than 12 Months 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2024 U.S. Government agency obligations $ 322 $ (1) $ 356 (16) $ 678 $ (17) Mortgage-backed securities 10,224 (100) 31,221 (5,960) 41,445 (6,060) Municipals — — 1,652 (611) 1,652 (611) Subordinated debt 2,789 (443) 7,060 (1,241) 9,849 (1,684) $ 13,335 $ (544) $ 40,289 $ (7,828) $ 53,624 $ (8,372) December 31, 2023 U.S. Government agency obligations $ — $ — $ 20,289 $ (75) $ 20,289 $ (75) Mortgage-backed securities 4,631 (24) 30,311 (5,357) 34,942 (5,381) Municipals — — 1,656 (608) 1,656 (608) Subordinated debt 4,145 (587) 5,937 (1,115) 10,082 (1,702) $ 8,776 $ (611) $ 58,193 $ (7,155) $ 66,969 $ (7,766) As of March 31, 2024, there were 60 investments available for sale totaling $53.6 million that were in a loss position and had an unrealized loss of $8.4 million. All of the unrealized losses are attributable to increases in interest rates and not to credit deterioration. Currently, the Company believes that it is probable that the Company will be able to collect all amounts due according to the contractual terms of the investments. Because the declines in fair value are attributable to changes in interest rates and not to credit quality, and because it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company has not recorded an allowance for credit losses on these investments at March 31, 2024. The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2024, by contractual maturity, are as follows (in thousands): Amortized Cost Fair Value Less than one year $ — $ — One to five years 10,834 10,823 Five to ten years 17,098 15,485 More than ten years 62,934 56,476 Total $ 90,866 $ 82,784 |
Loans and allowance for loan lo
Loans and allowance for loan losses | 3 Months Ended |
Mar. 31, 2024 | |
Loans and allowance for credit losses | |
Loans and allowance for credit losses | Note 5 – Loans and allowance for credit losses Loans classified by type as of March 31, 2024 and December 31, 2023 are as follows (dollars in thousands) March 31, 2024 December 31, 2023 Amount % Amount % Construction and land development Residential $ 9,077 1.53 % $ 10,471 1.82 % Commercial 34,437 5.83 % 37,024 6.44 % 43,514 7.36 % 47,495 8.26 % Commercial real estate Owner occupied 121,429 20.53 % 122,666 21.33 % Non-owner occupied 165,508 27.99 % 154,855 26.93 % Multifamily 18,254 3.09 % 12,743 2.22 % Farmland 24 0.00 % 326 0.06 % 305,215 51.61 % 290,590 50.54 % Consumer real estate Home equity lines 21,682 3.67 % 21,557 3.75 % Secured by 1-4 family residential, First deed of trust 95,994 16.23 % 95,638 16.63 % Second deed of trust 11,955 2.02 % 11,337 1.97 % 129,631 21.92 % 128,532 22.35 % Commercial and industrial loans (except those secured by real estate) 92,600 15.66 % 86,203 14.99 % Guaranteed student loans 15,782 2.67 % 17,923 3.12 % Consumer and other 4,596 0.78 % 4,265 0.74 % Total loans 591,338 100.0 % 575,008 100.0 % Deferred and costs, net 750 803 Less: allowance for credit losses (3,574) (3,423) $ 588,514 $ 572,388 The Bank has a purchased portfolio of rehabilitated student loans guaranteed by the U.S. Department of Education (“DOE”). The guarantee covers approximately 98% of principal and accrued interest. The loans are serviced by a third-party servicer that specializes in handling the special needs of the DOE student loan programs. Loans pledged as collateral with the FHLB as part of their lending arrangement with the Company totaled $54.8 million and $35.5 million as of March 31, 2024, and December 31, 2023, respectively. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. The following table provides information on nonaccrual loans segregated by type at the dates indicated (in thousands): March 31, December 31, 2024 2023 Consumer real estate Secured by 1-4 family residential First deed of trust $ 159 $ 160 Second deed of trust 100 105 259 265 Commercial and industrial loans (except those secured by real estate) 22 26 Total loans $ 281 $ 291 There were no individual allowances associated with the total nonaccrual loans of $281,000 and $291,000 at March 31, 2024 and December 31, 2023, respectively, that were considered collateral dependent. The Company recognized $7,000 of interest on nonaccrual loans outstanding as of March 31, 2024. Management considers the guidance in Accounting Standards Codification (“ASC”) 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. Generally, current period renewals of credit are reunderwritten at the point of renewal and considered current period originations for purposes of the table below. As of March 31, 2024, based on the most recent analysis performed, the risk category of loans based on year of origination is as follows (in thousands): Revolving- Total 2024 2023 2022 2021 2020 Prior Revolving Term Loans March 31, 2024 Construction and land development Residential Pass $ 876 $ 5,656 $ 2,206 $ 339 $ — $ — $ — $ — $ 9,077 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Residential $ 876 $ 5,656 $ 2,206 $ 339 $ — $ — $ — $ — $ 9,077 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Pass 692 6,649 14,193 10,331 224 1,081 1,267 — 34,437 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Commercial $ 692 $ 6,649 $ 14,193 $ 10,331 $ 224 $ 1,081 $ 1,267 $ — $ 34,437 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Owner occupied Pass 666 12,518 21,638 19,149 9,276 52,199 574 — 116,020 Special Mention — — 200 71 461 4,677 — — 5,409 Substandard — — — — — — — — — Total Owner occupied $ 666 $ 12,518 $ 21,838 $ 19,220 $ 9,737 $ 56,876 $ 574 $ — $ 121,429 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Non-owner occupied Pass 6,692 9,425 25,419 28,243 23,337 57,626 9,856 — 160,598 Special Mention — — — 2,160 — 2,750 — — 4,910 Substandard — — — — — — — — — Total Non-owner occupied $ 6,692 $ 9,425 $ 25,419 $ 30,403 $ 23,337 $ 60,376 $ 9,856 $ — $ 165,508 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Multifamily Pass 5,250 1,300 — 2,434 542 6,857 1,871 — 18,254 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Multifamily $ 5,250 $ 1,300 $ — $ 2,434 $ 542 $ 6,857 $ 1,871 $ — $ 18,254 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Farmland Pass — — — — — 24 — — 24 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Farmland $ — $ — $ — $ — $ — $ 24 $ — $ — $ 24 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer real estate Home equity lines Pass — — 445 — — — 21,162 — 21,607 Special Mention — — — — — — 75 — 75 Substandard — — — — — — — — — Total Home equity lines $ — $ — $ 445 $ — $ — $ — $ 21,237 $ — $ 21,682 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Secured by 1-4 family residential First deed of trust Pass 4,330 32,416 14,608 14,152 8,006 19,985 2,124 — 95,621 Special Mention — — — — — 214 — — 214 Substandard — — — — — 159 — — 159 Total First deed of trust $ 4,330 $ 32,416 $ 14,608 $ 14,152 $ 8,006 $ 20,358 $ 2,124 $ — $ 95,994 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Second deed of trust Pass 593 4,485 3,088 1,009 388 1,572 522 — 11,657 Special Mention 88 — — — — 110 — — 198 Substandard — — — — — 100 — — 100 Total Second deed of trust $ 681 $ 4,485 $ 3,088 $ 1,009 $ 388 $ 1,782 $ 522 $ $ 11,955 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial loans (except those secured by real estate) Pass 6,036 18,185 15,095 13,837 5,313 5,903 27,757 — 92,126 Special Mention — 34 — — — 49 369 — 452 Substandard — — — — 11 11 — — 22 Total Commercial and industrial $ 6,036 $ 18,219 $ 15,095 $ 13,837 $ 5,324 $ 5,963 $ 28,126 $ — $ 92,600 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Guaranteed student loans Pass — — — — — 15,782 — — 15,782 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Guaranteed student loans $ — $ — $ — $ — $ — $ 15,782 $ — $ — $ 15,782 Current period gross writeoff $ 6 $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other Pass 242 424 403 107 38 22 3,360 — 4,596 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer and other $ 242 $ 424 $ 403 $ 107 $ 38 $ 22 $ 3,360 $ $ 4,596 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Total Current period gross writeoff $ 6 $ — $ — $ — $ — $ — $ — $ — $ — Total loans $ 25,465 $ 91,092 $ 97,295 $ 91,832 $ 47,596 $ 169,121 $ 68,937 $ — $ 591,338 The following table presents the aging of the recorded investment in past due loans and leases as of the dates indicated (in thousands): Greater Investment > 30 ‑ 59 Days 60 ‑ 89 Days Than Total Past Total 90 Days and Past Due Past Due 90 Days Due Current Loans Accruing March 31, 2024 Construction and land development Residential $ — $ — $ — $ — $ 9,077 $ 9,077 $ — Commercial — — — — 34,437 34,437 — — — — — 43,514 43,514 — Commercial real estate Owner occupied — — — — 121,429 121,429 — Non-owner occupied — — — — 165,508 165,508 — Multifamily — — — — 18,254 18,254 — Farmland — — — — 24 24 — — — — — 305,215 305,215 — Consumer real estate Home equity lines 247 — — 247 21,435 21,682 — Secured by 1‑4 family residential First deed of trust 174 — — 174 95,820 95,994 — Second deed of trust — — — — 11,955 11,955 — 421 — — 421 129,210 129,631 — Commercial and industrial loans (except those secured by real estate) 719 49 375 1,143 91,457 92,600 375 Guaranteed student loans 588 342 2,200 3,130 12,652 15,782 2,200 Consumer and other — — — — 4,596 4,596 — Total loans $ 1,728 $ 391 $ 2,575 $ 4,694 $ 586,644 $ 591,338 $ 2,575 Recorded Greater Investment > 30-59 Days 60-89 Days Than Total Past Total 90 Days and Past Due Past Due 90 Days Due Current Loans Accruing December 31, 2023 Construction and land development Residential $ — $ — $ — $ — $ 10,471 $ 10,471 $ — Commercial — — — — 37,024 37,024 — — — — — 47,495 47,495 — Commercial real estate Owner occupied — — — — 122,666 122,666 — Non-owner occupied — — — — 154,855 154,855 — Multifamily — — — — 12,743 12,743 — Farmland — — — — 326 326 — — — — — 290,590 290,590 — Consumer real estate Home equity lines 83 25 — 108 21,449 21,557 — Secured by 1-4 family residential First deed of trust — — — — 95,638 95,638 — Second deed of trust 33 — — 33 11,304 11,337 — 116 25 — 141 128,391 128,532 — Commercial and industrial loans (except those secured by real estate) — — — — 86,203 86,203 — Guaranteed student loans 690 493 2,228 3,411 14,512 17,923 2,228 Consumer and other 734 — — 734 3,531 4,265 — Total loans $ 1,540 $ 518 $ 2,228 $ 4,286 $ 570,722 $ 575,008 $ 2,228 Loans greater than 90 days past due consist of student loans that are guaranteed by the DOE which covers approximately 98% of the principal and interest. Accordingly, these loans will not be placed on nonaccrual status and are not considered to be impaired. Loans that are individually evaluated for credit losses are limited to loans that have specific risk characteristics that are not shared by other loans and based on current information and events it is probable the Company will be unable to collect all amounts when due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. The repayment of these loans is expected to be substantially through the operations or the sale of the collateral. The allowance for credit losses on loans that are individually evaluated will be measured based on the fair value of the collateral either through operations or the sale of the collateral. When repayment is expected through the sale of the collateral, the allowance will be based on the fair value of the collateral less estimated costs to sell. Collateral dependent loans, or portions thereof, are charged off when deemed uncollectible. Collateral dependent loans are set forth in the following table as of the dates indicated (in thousands): March 31, 2024 December 31, 2023 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no related allowance recorded Secured by 1‑4 family residential First deed of trust $ 159 $ 159 $ — $ 160 $ 160 $ — Second deed of trust 100 100 — 105 105 — 259 259 — 265 265 — Commercial and industrial loans (except those secured by real estate) 22 22 — 26 26 — 281 281 — 291 291 — Total Secured by 1-4 family residential, First deed of trust 159 159 — 160 160 — Second deed of trust 100 100 — 105 105 — 259 259 — 265 265 — Commercial and industrial loans (except those secured by real estate) 22 22 — 26 26 — Consumer and other — — — — — — $ 281 $ 281 $ — $ 291 $ 291 $ — The following is a summary of average recorded investment in collateral dependent loans with and without a valuation allowance and interest income recognized on those loans for the periods indicated (in thousands): For the Three Months Ended For the Three Months Ended March 31, 2024 March 31, 2023 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded Commercial real estate Owner occupied $ — $ — $ 3,468 $ 16 Non-owner occupied — — 496 — — — 3,964 16 Consumer real estate Home equity lines — — 300 6 Secured by 1-4 family residential First deed of trust 160 2 1,394 2 Second deed of trust 103 5 186 1 263 7 1,880 9 Commercial and industrial loans (except those secured by real estate) 23 — 54 1 286 7 5,898 26 With an allowance recorded Commercial real estate Owner occupied — — 191 — — — 191 — Consumer real estate Secured by 1-4 family residential First deed of trust — — 86 — Second deed of trust — — 8 — — — 94 — Consumer and other — — 16 — — — 301 — Total Commercial real estate Owner occupied — — 3,659 16 Non-owner occupied — — 496 — — — 4,155 16 Consumer real estate Home equity lines — — 300 6 Secured by 1-4 family residential, First deed of trust 160 2 1,480 2 Second deed of trust 103 5 194 1 263 7 1,974 9 Commercial and industrial loans (except those secured by real estate) 23 — 54 1 Consumer and other — — 16 — $ 286 $ 7 $ 6,199 $ 26 Loan Modifications to Borrowers in Financial Difficulty As part of its credit risk management, the Company may modify a loan agreement with a borrower experiencing financial difficulties through a refinancing or restructuring of the borrower’s loan agreement. There were no modified loans identified during the three months ended March 31, 2024 and March 31, 2023. In accordance with ASC 326, the Company has segmented its loan portfolio based on similar risk characteristics by call report code. The Company’s forecast of estimated expected losses is based on a twelve-month forecast of the national rate of unemployment and external observations of historical loan losses. The Company uses the Federal Open Market Committee’s projection of unemployment for its reasonable and supportable forecasting of current expected credit losses. For the periods beyond the reasonable and supportable forecast period, projections of expected credit losses are based on a reversion to the long-run mean for the national unemployment rate. To further adjust the allowance for credit losses for expected losses not already included within the quantitative component of the calculation, the Company may consider the following qualitative adjustment factors: changes in lending policies and procedures including changes in underwriting standards, and collections, charge-offs, and recovery practices, changes in international, national, regional, and local conditions, changes in the nature and volume of the portfolio and terms of loans, changes in experience, depth, and ability of lending management, changes in the volume and severity of past due loans and other similar conditions, changes in the quality of the organization’s loan review system, changes in the value of underlying collateral for collateral dependent loans, the existence and effect of any concentrations of credit and changes in the levels of such concentrations, and the effect of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses. Activity in the allowance for credit losses on loans is as follows for the periods indicated (in thousands): Provision for Beginning (Recovery of) Ending Balance Credit Losses Charge-offs Recoveries Balance Three Months Ended March 31, 2024 Construction and land development Residential $ 86 $ (29) $ — $ — $ 57 Commercial 228 (26) — — 202 314 (55) — — 259 Commercial real estate Owner occupied 409 28 — — 437 Non-owner occupied 1,467 129 — — 1,596 Multifamily 44 42 — — 86 Farmland 3 (3) — — — 1,923 196 — — 2,119 Consumer real estate Home equity lines 40 (18) — 10 32 Secured by 1-4 family residential — First deed of trust 293 4 — 1 298 Second deed of trust 99 (6) — 5 98 432 (20) — 16 428 Commercial and industrial loans (except those secured by real estate) 640 22 — 4 666 Student loans 57 4 (6) — 55 Consumer and other 36 — — — 36 Unallocated 21 (10) — — 11 $ 3,423 $ 137 $ (6) $ 20 $ 3,574 Impact of Provision for Beginning adopting (Recovery of) Ending Balance ASC 326 Credit Losses Charge-offs Recoveries Balance Three Months Ended March 31, 2023 Construction and land development Residential $ 79 $ 3 $ (31) $ — $ — $ 51 Commercial 192 34 38 — — 264 271 37 7 — — 315 Commercial real estate Owner occupied 867 (475) (1) — — 391 Non-owner occupied 1,289 192 (21) — — 1,460 Multifamily 33 7 — — — 40 Farmland — — — — — — 2,189 (276) (22) — — 1,891 Consumer real estate Home equity lines 11 24 (2) — — 33 Secured by 1-4 family residential — First deed of trust 131 76 6 — 1 214 Second deed of trust 43 25 5 — 2 75 185 125 9 — 3 322 Commercial and industrial loans (except those secured by real estate) 576 1 (34) — 6 549 Student loans 52 — 63 (3) — 112 Consumer and other 37 (5) 2 — — 34 Unallocated 60 (9) (2) — — 49 $ 3,370 $ (127) $ 23 $ (3) $ 9 $ 3,272 Impact of Provision for Beginning adopting (Recovery of) Ending Balance ASC 326 Loan Losses Charge-offs Recoveries Balance Year Ended December 31, 2023 Construction and land development Residential $ 79 $ 3 $ 4 $ — $ — $ 86 Commercial 192 34 2 — — 228 271 37 6 — — 314 Commercial real estate Owner occupied 867 (475) 17 — — 409 Non-owner occupied 1,289 192 (14) — — 1,467 Multifamily 33 7 4 — — 44 Farmland — — 3 — — 3 2,189 (276) 10 — — 1,923 Consumer real estate Home equity lines 11 24 5 — — 40 Secured by 1-4 family residential First deed of trust 131 76 83 — 3 293 Second deed of trust 43 25 15 — 16 99 185 125 103 — 19 432 Commercial and industrial loans (except those secured by real estate) 576 1 (110) — 173 640 Student loans 52 — 35 (30) — 57 Consumer and other 37 (5) 7 (3) — 36 Unallocated 60 (9) (30) — — 21 $ 3,370 $ (127) $ 21 $ (33) $ 192 $ 3,423 Loans are required to be measured at amortized costs and to be presented at the net amount expected to be collected. Off balance sheet credit exposures, including loan commitments, are not recorded on balance sheet, but expected credit losses arising from off balance sheet credit exposures are recorded as a reserve for unfunded commitments and reported in Other Liabilities. Credit losses on available for sale debt securities are accounted for as an allowance for credit losses, which is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value and the amount expected to be collected on the financial assets. The allowance for credit losses on loans, available for sale debt securities and the reserve for unfunded commitments are established through a provision for credit losses charged against earnings. The following table presents a breakdown of the provision for credit losses for the periods indicated (in thousands): Three Months Ended March 31, 2024 2023 Provision for credit losses: Provision for loans $ 137 $ 23 Provision (recovery) for unfunded commitments 13 (23) Total $ 150 $ — As of March 31, 2024, the allowance for credit losses was $3.89 million and included an allowance for credit losses on loans of $3.57 million and a reserve for unfunded commitments of $320,000. The Company recorded a provision for credit losses for loans of $136,700 for the three months ended March 31, 2024, which was the result of loan growth as all credit metrics remained strong compared to year-end 2023. Non-performing loans as a percentage of loans decreased from 0.12% at March 31, 2023 to 0.05% at March 31, 2024. The Company recorded a provision for credit losses for unfunded commitments of $13,300 for the three months ended March 31, 2024, which was driven by an increase in the total commitments outstanding at March 31, 2024. The allowance for credit losses on loans to total loans ratio at the Company is 0.60% compared to the peer average of 1.11%, management considers this level of allowance sufficient and appropriate based on the current asset quality and assessment of the Company’s loan portfolio. As of March 31, 2023, the allowance for credit losses was $3.53 million and included an allowance for credit losses on loans of $3.27 million and a reserve for unfunded commitments of $254,000. The provision for credit for loans was driven by the increase in loan balances at March 31, 2023, while the recovery of credit losses for unfunded commitments was a result of the reduction in the total balance outstanding at March 31, 2023. The lack of an overall provision for credit losses was driven by stable local economic conditions and credit quality remaining strong. While higher inflation and the speed at which interest rates have been rising remain a risk to credit quality, we believe our current level of allowance for credit losses is sufficient. Loans were evaluated for credit losses as follows for the periods indicated (in thousands): Recorded Investment in Loans Allowance Loans Ending Ending Balance Individually Collectively Balance Individually Collectively Three Months Ended March 31, 2024 Construction and land development Residential $ 57 $ — $ 57 $ 9,077 $ — $ 9,077 Commercial 202 — 202 34,437 — 34,437 259 — 259 43,514 — 43,514 Commercial real estate Owner occupied 437 — 437 121,429 — 121,429 Non-owner occupied 1,596 — 1,596 165,508 — 165,508 Multifamily 86 — 86 18,254 — 18,254 Farmland — — — 24 — 24 2,119 — 2,119 305,215 — 305,215 Consumer real estate Home equity lines 32 — 32 21,682 — 21,682 Secured by 1-4 family residential First deed of trust 298 — 298 95,994 159 95,835 Second deed of trust 98 — 98 11,955 100 11,855 428 — 428 129,631 259 129,372 Commercial and industrial loans (except those secured by real estate) 666 — 666 92,600 22 92,578 Student loans 55 — 55 15,782 — 15,782 Consumer and other 47 — 47 4,596 — 4,596 $ 3,574 $ — $ 3,574 $ 591,338 $ 281 $ 591,057 Year Ended December 31, 2023 Construction and land development Residential $ 86 $ — $ 86 $ 10,471 $ — $ 10,471 Commercial 228 — 228 37,024 — 37,024 314 — 314 47,495 — 47,495 Commercial real estate Owner occupied 409 — 409 122,666 — 122,666 Non-owner occupied 1,467 — 1,467 154,855 — 154,855 Multifamily 44 — 44 12,743 — 12,743 Farmland 3 — 3 326 — 326 1,923 — 1,923 290,590 — 290,590 Consumer real estate Home equity lines 40 — 40 21,557 — 21,557 Secured by 1-4 family residential First deed of trust 293 — 293 95,638 160 95,478 Second deed of trust 99 — 99 11,337 105 11,232 432 — 432 128,532 265 128,267 Commercial and industrial loans (except those secured by real estate) 640 — 640 86,203 26 86,177 Student loans 57 — 57 17,923 — 17,923 Consumer and other 57 — 57 4,265 — 4,265 $ 3,423 $ — $ 3,423 $ 575,008 $ 291 $ 574,717 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits | |
Deposits | Note 6 – Deposits Deposits as of March 31, 2024 and December 31, 2023 were as follows (dollars in thousands): March 31, 2024 December 31, 2023 Amount % Amount % Demand accounts $ 230,118 37.1 % $ 247,624 40.9 % Interest checking accounts 78,739 12.7 % 76,289 12.6 % Money market accounts 207,640 33.5 % 195,249 32.3 % Savings accounts 35,238 5.7 % 39,633 6.5 % Time deposits of $250,000 and over 31,355 5.0 % 9,145 1.5 % Other time deposits 37,179 6.0 % 37,405 6.2 % Total $ 620,269 100.0 % $ 605,345 100.0 % |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Borrowings | |
Borrowings | Note 7 – Borrowings The Company uses both short-term and long-term borrowings to supplement deposits when they are available at a lower overall cost to the Company or they can be invested at a positive rate of return. As a member of the Federal Home Loan Bank of Atlanta, the Bank is required to own capital stock in the FHLB and is authorized to apply for advances from the FHLB. The Company held $2,414,000 in FHLB stock at March 31, 2024 and $2,644,000 at December 31, 2023, which is held at cost. Each FHLB credit program has its own interest rate, which may be fixed or variable, and range of maturities. The FHLB may prescribe the acceptable uses to which the advances may be put, as well as on the size of the advances and repayment provisions. The FHLB borrowings are secured by the pledge of commercial and 1-4 family residential loans and investment securities. The Company had FHLB advances of $40,000,000 at March 31, 2024 and $45,000,000 at December 31, 2023. The Company uses federal funds purchased and repurchase agreements for short-term borrowing needs. Securities sold under agreements to repurchase are classified as borrowings and generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. There were no borrowings against the lines at March 31, 2024 or December 31, 2023. The Company’s unused lines of credit for future borrowings total approximately $26.1 million at March 31, 2024, which consists of $3.3 million available from the FHLB based on current pledged assets, $20 million on revolving bank line of credit, and $2.8 million under secured federal funds agreements with third party financial institutions. Additional loans and securities are available that can be pledged as collateral for future borrowings from the Federal Reserve Bank of Richmond or the FHLB above the current lendable collateral value. |
Trust preferred securities
Trust preferred securities | 3 Months Ended |
Mar. 31, 2024 | |
Trust preferred securities | |
Trust preferred securities | Note 8 – Trust preferred securities During the first quarter of 2005, Southern Community Financial Capital Trust I, a wholly-owned unconsolidated subsidiary of the Company, was formed for the purpose of issuing redeemable securities. On February 24, 2005, $5.2 million of Trust Preferred Capital Notes were issued through a pooled underwriting. The securities have a floating rate of interest indexed to the London InterBank Offered Rate (“LIBOR”) (three-month LIBOR plus 2.15%) which adjusts, and is payable, quarterly. The interest rate at March 31, 2024 was 7.71%. As a result of the discontinuation of the 3-month LIBOR on June 30, 2023, the Company replaced the 3-month LIBOR leg of the calculated floating rate with the three-month term Secured Overnight Funding Rate (“SOFR”) plus the applicable tenor spread adjustment for 3-month LIBOR of 0.26161 percent as per the guidelines outlined within the final rulings under the Adjustable Interest Rate (LIBOR) Act published by the Board of Governors of the Federal Reserve System. The securities were redeemable at par beginning on March 15, 2010 and each quarter after such date until the securities mature on March 15, 2035. No amounts have been redeemed at March 31, 2024 and there are no plans to do so. The principal asset of the Trust is $5.2 million of the Company’s junior subordinated debt securities with like maturities and like interest rates to the Trust Preferred Capital Notes. During the third quarter of 2007, Village Financial Statutory Trust II, a wholly-owned unconsolidated subsidiary of the Company, was formed for the purpose of issuing redeemable securities. On September 20, 2007, $3.6 million of Trust Preferred Capital Notes were issued through a pooled underwriting. The securities have LIBOR-indexed floating rate of interest (three-month LIBOR plus 1.4%) which adjusts, and is also payable, quarterly. The interest rate at March 31, 2024 was 6.96%. As a result of the discontinuation of the 3-month LIBOR on June 30, 2023, the Company replaced the 3-month LIBOR leg of the calculated floating rate with the three-month term SOFR plus the applicable tenor spread adjustment for 3-month LIBOR of 0.26161 percent as per the guidelines outlined within the final rulings under the Adjustable Interest Rate (LIBOR) Act published by the Board of Governors of the Federal Reserve System. The securities may be redeemed at par at any time commencing in December 2012 until the securities mature in 2037. No amounts have been redeemed at March 31, 2024 and there are no plans to do so. The principal asset of the Trust is $3.6 million of the Company’s junior subordinated debt securities with like maturities and like interest rates to the Trust Preferred Capital Notes. The Trust Preferred Capital Notes may be included in Tier 1 capital for regulatory capital adequacy determination purposes up to 25% of Tier 1 capital after its inclusion. The portion of the Trust Preferred Capital Notes not considered as Tier 1 capital may be included in Tier 2 capital. The obligations of the Company with respect to the issuance of the Trust Preferred Capital Notes constitute a full and unconditional guarantee by the Company of the Trust’s obligations with respect to the Trust Preferred Capital Notes. Subject to certain exceptions and limitations, the Company may elect from time to time to defer interest payments on the junior subordinated debt securities, which would result in a deferral of distribution payments on the related Trust Preferred Capital Notes and require a deferral of common dividends. The Company is current on these interest payments. |
Subordinated Debt
Subordinated Debt | 3 Months Ended |
Mar. 31, 2024 | |
Subordinated Debt | |
Subordinated Debt | Note 9 – Subordinated Debt On March 21, 2018, the Company issued $5,700,000 of fixed-to-floating rate subordinated notes due March 31, 2028 in a private placement. The Company received $5,539,000 in net proceeds after deducting issuance costs. The subordinated notes accrued interest at a fixed rate of 6.50% for the first five years until March 21, 2023. The subordinated notes have a LIBOR-indexed floating rate of interest (three-month LIBOR plus 3.73%) which adjusts and is also payable quarterly. The interest rate at March 31, 2024 was 9.05%. As a result of the discontinuation of the 3-month LIBOR on June 30, 2023, the Company is replaced the 3-month LIBOR leg of the calculated floating rate with the three-month term SOFR plus the applicable tenor spread adjustment for 3-month LIBOR of 0.26161 percent as per the guidelines outlined within the final rulings under the Adjustable Interest Rate (LIBOR) Act published by the Board of Governors of the Federal Reserve System. The Company may redeem the subordinated notes in whole or in part, on or after March 31, 2023. The subordinated notes are unsecured and subordinated in right of payment to all of the Company’s existing and future senior indebtedness, whether secured or unsecured, including claims of depositors and general creditors, and rank equally in right of payment with any unsecured, subordinated indebtedness that the Company may incur in the future. The carrying value of the notes totaled $5,700,000 at March 31, 2024 and December 31, 2023, respectively. |
Stock incentive plan
Stock incentive plan | 3 Months Ended |
Mar. 31, 2024 | |
Stock incentive plan | |
Stock incentive plan | Note 10 – Stock incentive plan In accordance with accounting standards, the Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award rather than disclosed in the financial statements. The following table summarizes option activity under the Company's stock incentive plans during the indicated periods: Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Exercise Fair Value Intrinsic Exercise Fair Value Intrinsic Options Price Per Share Value Options Price Per Share Value Options outstanding, beginning of period — $ — $ — 14 $ 25.63 $ 9.76 Granted — — — — — — Forfeited — — — — — — Exercised — — $ — — — — Options outstanding, end of period — $ — $ — $ — 14 $ 25.28 $ 9.76 $ — Options exercisable, end of period — 14 During the three months ended March 31, 2023, we granted certain officers time-based restricted shares of common stock. The time-based restricted shares vest ratably over a three year period provided the officer is employed with the Company on the applicable vesting date. The total number of shares underlying non-vested restricted stock was 26,111 and 26,152 at March 31, 2024 and 2023, respectively. The fair value of the stock is based on the grant date of the award and the expense is recognized over the vesting period. Unamortized stock-based compensation related to non-vested share-based compensation arrangements granted under the stock incentive plan as of March 31, 2024 and 2023 was $782,000 and $883,400, respectively. The time-based unrecognized compensation of $558,200 is expected to be recognized over a weighted average period of 2.01 A summary of changes in the Company’s non-vested restricted stock and restricted stock unit awards for the three months ended March 31, 2024 follows: Weighted- Average Aggregate Grant-Date Intrinsic Shares Fair-Value Value December 31, 2023 31,077 $ 45.93 $ 1,320,773 Granted — — — Vested (4,179) 52.32 (177,608) Forfeited — — — Other (1) (787) 58.95 (33,448) March 31, 2024 26,111 $ 44.52 $ 1,109,718 (1) Represents the incremental decrease in shares that vested based on the restricted stock units vesting at a lower value as opposed to the targeted value of the award. Stock-based compensation expense was approximately $81,000 and $102,000 for the three months ended March 31, 2024 and 2023, respectively. |
Fair value
Fair value | 3 Months Ended |
Mar. 31, 2024 | |
Fair value | |
Fair value | Note 11 – Fair value The Company determines the fair value of its financial instruments based on the requirements established in ASC 820: Fair Value Measurements, ASC 820 establishes a hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair values hierarchy is as follows: Level 1 Inputs Level 2 Inputs Level 3 Inputs The Company used the following methods to determine the fair value of each type of financial instrument: Securities Collateral dependent Loans held for sale: Derivative asset – interest rate lock commitments (“IRLCs”): Forward sale commitments: The best efforts commitments are valued using the committed price to the counter-party against the current market price of the interest rate lock commitment or mortgage loan held for sale. All of the Company’s forward sale commitments are classified as Level 2. Assets and liabilities measured at fair value under Topic 820 on a recurring and non-recurring basis are summarized below for the indicated dates (in thousands): Fair Value Measurement at March 31, 2024 Using Quoted Prices in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial Assets - Recurring U.S. Government Agencies $ 678 $ — $ 678 $ — Mortgage-backed securities 69,907 — 69,907 — Municipals 1,652 — 1,652 — Subordinated debt 10,547 — 10,047 500 Loans held for sale 7,019 — 7,019 — IRLC 293 — 293 — Financial Liabilities - Recurring Forward sales commitment 42 — 42 — Fair Value Measurement at December 31, 2023 Using Quoted Prices in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial Assets - Recurring U.S. Government Agencies $ 20,615 $ — $ 20,615 $ — Mortgage-backed securities 72,537 — 72,537 — Municipals 1,656 — 1,656 — Subordinated debt 10,777 — 10,277 500 Loans held for sale 4,983 — 4,983 — IRLC 271 — 271 — Financial Liabilities - Recurring Forward sales commitment 506 — 506 — There were no Level 3 fair value measurements for financial instruments measured on a non-recurring basis at fair value at March 31, 2024 and December 31, 2023. ASC 825, Financial Instruments, requires disclosure about fair value of financial instruments, including those financial assets and financial liabilities that are not required to be measured and reported at fair value on a recurring or nonrecurring basis. ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. In accordance with Accounting Standards Update (“ASU”) 2016-01, the Company uses the exit price notion, rather than the entry price notion, in calculating the fair values of financial instruments not measured at fair value on a recurring basis. The following table reflects the carrying amounts and estimated fair values of the Company’s financial instruments whether or not recognized on the Consolidated Balance Sheets at fair value (in thousands). March 31, December 31, 2024 2023 Level in Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial assets Cash Level 1 $ 13,073 $ 13,073 $ 10,383 $ 10,383 Cash equivalents Level 2 19,323 19,323 7,331 7,331 Investment securities available for sale Level 2 82,284 82,284 105,085 105,085 Investment securities available for sale Level 3 500 500 500 500 Federal Home Loan Bank stock Level 2 2,644 2,644 2,644 2,644 Loans held for sale Level 2 7,019 7,019 4,983 4,983 Loans Level 3 591,338 567,741 575,008 547,935 Bank owned life insurance Level 2 13,198 13,198 13,120 13,120 Accrued interest receivable Level 2 3,531 3,531 3,827 3,827 Interest rate lock commitments Level 2 293 293 271 271 Financial liabilities Deposits Level 2 620,269 620,673 605,345 605,226 FHLB borrowings Level 2 40,000 39,886 45,000 44,999 Trust preferred securities Level 2 8,764 8,969 8,764 8,848 Other borrowings Level 2 5,700 5,700 5,700 5,700 Accrued interest payable Level 2 406 406 210 210 Forward sales commitment Level 2 42 42 506 506 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting | |
Segment Reporting | Note 12 – Segment Reporting The Company has two reportable segments: traditional commercial banking and mortgage banking. Revenues from commercial banking operations consist primarily of interest earned on loans and securities and fees from deposit services. Mortgage banking operating revenues consist principally of interest earned on mortgage loans held for sale, gains on sales of loans in the secondary mortgage market, and loan origination fee income. The Commercial Banking Segment provides the Mortgage Banking Segment with the short-term funds needed to originate mortgage loans through a warehouse line of credit and charges the Mortgage Banking Segment interest based on the Commercial Banking Segment’s cost of funds. Additionally, the Mortgage Banking Segment leases premises from the Commercial Banking Segment. These transactions are eliminated in the consolidation process. The following table presents segment information as of and for the three months ended March 31, 2024 and 2023 (in thousands): Commercial Mortgage Consolidated Banking Banking Eliminations Totals Three Months Ended March 31, 2024 Revenues Interest income $ 9,243 $ 92 $ — $ 9,335 Mortgage banking income, net — 909 (59) 850 Other revenues 795 — (41) 754 Total revenues 10,038 1,001 (100) 10,939 Expenses Provision for credit losses 150 — — 150 Interest expense 2,939 — — 2,939 Salaries and benefits 2,785 679 — 3,464 Other expenses 2,030 235 (100) 2,165 Total operating expenses 7,904 914 (100) 8,718 Income before income taxes 2,134 87 — 2,221 Income tax expense 431 18 — 449 Net income $ 1,703 $ 69 $ — $ 1,772 Total assets $ 756,005 $ 16,777 $ (25,910) $ 746,872 — Commercial Mortgage Consolidated Banking Banking Eliminations Totals Three Months Ended March 31, 2023 Revenues Interest income $ 7,543 $ 40 $ — $ 7,583 Mortgage banking income, net — 538 (60) 478 Other revenues 821 — — 821 Total revenues 8,364 578 (60) 8,882 Expenses Interest expense 1,218 — — 1,218 Salaries and benefits 2,742 706 — 3,448 Other expenses 2,137 274 (60) 2,351 Total operating expenses 6,097 980 (60) 7,017 Income (loss) before income taxes 2,267 (402) — 1,865 Income tax expense (benefit) 409 (84) — 325 Net income (loss) $ 1,858 $ (318) $ — $ 1,540 Total assets $ 749,402 $ 17,878 $ (32,483) $ 734,797 |
Shareholders' Equity and Regula
Shareholders' Equity and Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Shareholders' Equity and Regulatory Matters | |
Shareholders' Equity and Regulatory Matters | Note 13 – Shareholders’ Equity and Regulatory Matters Accumulated Other Comprehensive Loss The following table presents the change in accumulated other comprehensive loss for the three months ended March 31, 2024 and year ended December 31, 2023 and is summarized as follows, net of tax (dollars in thousands): Unrealized Defined Losses on AFS Benefit Securities Plan Total Accumulated other comprehensive loss December 31, 2023 $ (5,604) $ (9) $ (5,613) Other comprehensive loss Other comprehensive loss before reclassification - - Amounts reclassified from AOCI into earnings (782) - (782) Net current period other comprehensive loss (782) - (782) Accumulated other comprehensive loss March 31, 2024 $ (6,386) $ (9) $ (6,395) Unrealized Defined Losses on AFS Benefit Securities Plan Total Accumulated other comprehensive loss December 31, 2022 $ (10,863) $ (18) $ (10,881) Other comprehensive income Other comprehensive income before reclassification 1,320 9 1,329 Amounts reclassified from AOCI into earnings 3,939 - 3,939 Net current period other comprehensive income 5,259 9 5,268 Accumulated other comprehensive loss December 31, 2023 $ (5,604) $ (9) $ (5,613) Regulatory Matters The Company meets the eligibility criteria of a small bank holding company in accordance with the Board of Governors of the Federal Reserve System’s (“Federal Reserve”) Small Bank Holding Company Policy Statement (the “SBHC Policy Statement”). Under the SBHC Policy Statement, qualifying bank holding companies, such as the Company, have additional flexibility in the amount of debt they can issue and are also exempt from the Basel III capital framework as outlined by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act (the "Basel III Capital Rules"). The SBHC Policy Statement does not apply to the Bank and the Bank must comply with the Basel III Capital Rules. The Bank is required to comply with the capital adequacy standards established by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC has adopted rules to implement the Basel III Capital Rules. The Basel III Capital Rules establish minimum capital ratios and risk weightings that are applied to many classes of assets held by community banks, including applying higher risk weightings to certain commercial real estate loans. The Basel III Capital Rules require banks to comply with the following minimum capital ratios: (1) a ratio of common equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (effectively resulting in a minimum ratio of common equity Tier 1 to risk-weighted assets of at least 7%); (2) a ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the 2.5% capital conservation buffer (effectively resulting in a minimum Tier 1 capital ratio of 8.5%); (3) a ratio of total capital to risk-weighted assets of at least 8.0%, plus the 2.5% capital conservation buffer (effectively resulting in a minimum total capital ratio of 10.5%); and (4) a leverage ratio of 4%, calculated as the ratio of Tier 1 capital to balance sheet exposures plus certain off-balance sheet exposures (computed as the average for each quarter of the month-end ratios for the quarter). The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking organizations with a ratio of common equity Tier 1 capital to risk-weighted assets above the minimum but below the conservation buffer face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall. As of March 31, 2024, the Bank exceeded the minimum ratios under the Basel III Capital Rules. The Bank must also comply with the capital requirements set forth in the “prompt corrective action” regulations pursuant to Section 38 of the Federal Deposit Insurance Act of 1950. To be well capitalized under these regulations, a bank must have the following minimum capital ratios: (1) a common equity Tier 1 capital ratio of at least 6.5%; (2) a Tier 1 risk-based capital ratio of at least 8.0%; (3) a total risk-based capital ratio of at least 10.0%; and (4) a leverage ratio of at least 5.0%. As of March 31, 2024, the Bank exceeded the minimum ratios to be classified as well capitalized. The capital amounts and ratios at March 31, 2024 and December 31, 2023 for the Bank are presented in the table below (dollars in thousands): Minimum Capital Requirements Actual Including Conservation Buffer (1) To be Well Capitalized Amount Ratio Amount Ratio Amount Ratio March 31, 2024 Total capital (to risk- weighted assets) Village Bank $ 88,249 14.13 % $ 65,568 10.50 % $ 62,446 10.00 % Tier 1 capital (to risk- weighted assets) Village Bank 84,355 13.51 % 53,079 8.50 % 49,957 8.00 % Leverage ratio (Tier 1 capital to average assets) Village Bank 84,355 11.36 % 29,698 4.00 % 37,122 5.00 % Common equity tier 1 (to risk- weighted assets) Village Bank 84,355 13.51 % 43,712 7.00 % 40,590 6.50 % December 31, 2023 Total capital (to risk- weighted assets) Village Bank $ 86,493 14.49 % $ 62,679 10.50 % $ 59,695 10.00 % Tier 1 capital (to risk- weighted assets) Village Bank 82,764 13.86 % 50,740 8.50 % 47,756 8.00 % Leverage ratio (Tier 1 capital to average assets) Village Bank 82,764 11.14 % 29,706 4.00 % 37,133 5.00 % Common equity tier 1 (to risk- weighted assets) Village Bank 82,764 13.86 % 41,786 7.00 % 38,801 6.50 % (1) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and contingencies | |
Commitments and contingencies | Note 14 – Commitments and contingencies Off-balance-sheet risk The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit, and to potential credit loss associated with letters of credit issued, 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 loans and other such on-balance sheet instruments. At March 31, 2024 and December 31, 2023, the Company had the following approximate off-balance-sheet financial instruments whose contract amounts represent credit risk (in thousands): March 31, December 31, 2024 2023 Undisbursed credit lines $ 137,230 $ 127,918 Commitments to extend or originate credit 11,298 7,463 Standby letters of credit 1,246 1,202 Total commitments to extend credit $ 149,774 $ 136,583 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Historically, many commitments expire without being drawn upon; therefore, the total commitment amounts shown in the above table are not necessarily indicative of future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, as deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include personal or income-producing commercial real estate, accounts receivable, inventory and equipment. Standby letters of credit are written conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Concentrations of credit risk |
Mortgage Banking and Derivative
Mortgage Banking and Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Mortgage Banking and Derivatives | |
Mortgage Banking and Derivatives | Note 15 – Mortgage Banking and Derivatives Loans held for sale. Interest Rate Lock Commitments and Forward Sales Commitments. The Company uses fair value accounting for its forward sales commitments related to IRLCs and LHFS under ASC 825-10-15-4(b). The fair value of forward sales commitments is reported in “Other Liabilities” in the Consolidated Balance Sheet at March 31, 2024, and totaled $42,000 with a notional amount of $18.2 million and total positions of 58 and was reported in “Other Liabilities” at December 31, 2023, and totaled $506,000, with a notional amount of $12.3 million and total positions of 47. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | Note 16 Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision mark (“CODM”), an amount for other segment items by reportable segment and a description of its composition, all annual disclosures required by FASB ASU Topic 280 in interim periods as well, and the title and position of the CODM and how the CODM uses the reported measures. Additionally, this ASU requires that at least one of the reported segment profit and loss measures should be the measure that is most consistent with the measurement principles used in an entity’s consolidated financial statements. Lastly, this ASU requires public business entities with a single reportable segment to provide all disclosures required by these amendments in this ASU and all existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively. In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU incorporates certain U.S. Securities and Exchange Commission (“SEC”) disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its consolidated financial statements. In July 2023, the FASB issued ASU 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718)”. This ASU amends the FASB ASC pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. ASU 2023-03 is effective upon addition to the FASB Codification. The Company does not expect the adoption of ASU 2023-03 to have a material impact on its consolidated financial statements. |
Earnings per common share (Tabl
Earnings per common share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings per common share | |
Schedule of basic and diluted earnings per common share | The following table presents the basic and diluted earnings per common share computation (dollars in thousands, except per share data): Three Months Ended March 31, 2024 2023 Numerator Net income - basic and diluted $ 1,772 $ 1,540 Denominator Weighted average shares outstanding - basic 1,493 1,484 Dilutive effect of common stock options — — Weighted average shares outstanding - diluted 1,493 1,484 Earnings per share - basic $ 1.19 $ 1.04 Earnings per share - diluted $ 1.19 $ 1.04 |
Investment securities availab_2
Investment securities available for sales (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment securities available for sale | |
Schedule of amortized cost and fair value of investment securities available for sale | The amortized cost and fair value of investment securities available for sale as of March 31, 2024 and December 31, 2023 are as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value March 31, 2024 U.S. Government agency obligations $ 695 $ — $ (17) $ 678 Mortgage-backed securities 75,706 261 (6,060) 69,907 Municipals 2,263 — (611) 1,652 Subordinated debt 12,202 29 (1,684) 10,547 $ 90,866 $ 290 $ (8,372) $ 82,784 December 31, 2023 U.S. Government agency obligations $ 20,690 $ — $ (75) $ 20,615 Mortgage-backed securities 77,275 643 (5,381) 72,537 Municipals 2,264 — (608) 1,656 Subordinated debt 12,449 30 (1,702) 10,777 $ 112,678 $ 673 $ (7,766) $ 105,585 |
Schedule of investment securities available for sale | Investment securities available for sale that have an unrealized loss position at March 31, 2024 and December 31, 2023 are detailed below (in thousands): Securities in a loss Securities in a loss position for less than position for more than 12 Months 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2024 U.S. Government agency obligations $ 322 $ (1) $ 356 (16) $ 678 $ (17) Mortgage-backed securities 10,224 (100) 31,221 (5,960) 41,445 (6,060) Municipals — — 1,652 (611) 1,652 (611) Subordinated debt 2,789 (443) 7,060 (1,241) 9,849 (1,684) $ 13,335 $ (544) $ 40,289 $ (7,828) $ 53,624 $ (8,372) December 31, 2023 U.S. Government agency obligations $ — $ — $ 20,289 $ (75) $ 20,289 $ (75) Mortgage-backed securities 4,631 (24) 30,311 (5,357) 34,942 (5,381) Municipals — — 1,656 (608) 1,656 (608) Subordinated debt 4,145 (587) 5,937 (1,115) 10,082 (1,702) $ 8,776 $ (611) $ 58,193 $ (7,155) $ 66,969 $ (7,766) |
Schedule of investment by contractual maturity | All of the unrealized losses are attributable to increases in interest rates and not to credit deterioration. Currently, the Company believes that it is probable that the Company will be able to collect all amounts due according to the contractual terms of the investments. Because the declines in fair value are attributable to changes in interest rates and not to credit quality, and because it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company has not recorded an allowance for credit losses on these investments at March 31, 2024. The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2024, by contractual maturity, are as follows (in thousands): Amortized Cost Fair Value Less than one year $ — $ — One to five years 10,834 10,823 Five to ten years 17,098 15,485 More than ten years 62,934 56,476 Total $ 90,866 $ 82,784 |
Loans and allowance for loan _2
Loans and allowance for loan losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans and allowance for credit losses | |
Schedule of composition of loan portfolio (excluding mortgage loans held for sale) | Loans classified by type as of March 31, 2024 and December 31, 2023 are as follows (dollars in thousands) March 31, 2024 December 31, 2023 Amount % Amount % Construction and land development Residential $ 9,077 1.53 % $ 10,471 1.82 % Commercial 34,437 5.83 % 37,024 6.44 % 43,514 7.36 % 47,495 8.26 % Commercial real estate Owner occupied 121,429 20.53 % 122,666 21.33 % Non-owner occupied 165,508 27.99 % 154,855 26.93 % Multifamily 18,254 3.09 % 12,743 2.22 % Farmland 24 0.00 % 326 0.06 % 305,215 51.61 % 290,590 50.54 % Consumer real estate Home equity lines 21,682 3.67 % 21,557 3.75 % Secured by 1-4 family residential, First deed of trust 95,994 16.23 % 95,638 16.63 % Second deed of trust 11,955 2.02 % 11,337 1.97 % 129,631 21.92 % 128,532 22.35 % Commercial and industrial loans (except those secured by real estate) 92,600 15.66 % 86,203 14.99 % Guaranteed student loans 15,782 2.67 % 17,923 3.12 % Consumer and other 4,596 0.78 % 4,265 0.74 % Total loans 591,338 100.0 % 575,008 100.0 % Deferred and costs, net 750 803 Less: allowance for credit losses (3,574) (3,423) $ 588,514 $ 572,388 |
Schedule of information on nonaccrual loans | The following table provides information on nonaccrual loans segregated by type at the dates indicated (in thousands): March 31, December 31, 2024 2023 Consumer real estate Secured by 1-4 family residential First deed of trust $ 159 $ 160 Second deed of trust 100 105 259 265 Commercial and industrial loans (except those secured by real estate) 22 26 Total loans $ 281 $ 291 |
Schedule of information on the risk rating of loans by period | As of March 31, 2024, based on the most recent analysis performed, the risk category of loans based on year of origination is as follows (in thousands): Revolving- Total 2024 2023 2022 2021 2020 Prior Revolving Term Loans March 31, 2024 Construction and land development Residential Pass $ 876 $ 5,656 $ 2,206 $ 339 $ — $ — $ — $ — $ 9,077 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Residential $ 876 $ 5,656 $ 2,206 $ 339 $ — $ — $ — $ — $ 9,077 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Pass 692 6,649 14,193 10,331 224 1,081 1,267 — 34,437 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Commercial $ 692 $ 6,649 $ 14,193 $ 10,331 $ 224 $ 1,081 $ 1,267 $ — $ 34,437 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Owner occupied Pass 666 12,518 21,638 19,149 9,276 52,199 574 — 116,020 Special Mention — — 200 71 461 4,677 — — 5,409 Substandard — — — — — — — — — Total Owner occupied $ 666 $ 12,518 $ 21,838 $ 19,220 $ 9,737 $ 56,876 $ 574 $ — $ 121,429 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Non-owner occupied Pass 6,692 9,425 25,419 28,243 23,337 57,626 9,856 — 160,598 Special Mention — — — 2,160 — 2,750 — — 4,910 Substandard — — — — — — — — — Total Non-owner occupied $ 6,692 $ 9,425 $ 25,419 $ 30,403 $ 23,337 $ 60,376 $ 9,856 $ — $ 165,508 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Multifamily Pass 5,250 1,300 — 2,434 542 6,857 1,871 — 18,254 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Multifamily $ 5,250 $ 1,300 $ — $ 2,434 $ 542 $ 6,857 $ 1,871 $ — $ 18,254 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Farmland Pass — — — — — 24 — — 24 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Farmland $ — $ — $ — $ — $ — $ 24 $ — $ — $ 24 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer real estate Home equity lines Pass — — 445 — — — 21,162 — 21,607 Special Mention — — — — — — 75 — 75 Substandard — — — — — — — — — Total Home equity lines $ — $ — $ 445 $ — $ — $ — $ 21,237 $ — $ 21,682 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Secured by 1-4 family residential First deed of trust Pass 4,330 32,416 14,608 14,152 8,006 19,985 2,124 — 95,621 Special Mention — — — — — 214 — — 214 Substandard — — — — — 159 — — 159 Total First deed of trust $ 4,330 $ 32,416 $ 14,608 $ 14,152 $ 8,006 $ 20,358 $ 2,124 $ — $ 95,994 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Second deed of trust Pass 593 4,485 3,088 1,009 388 1,572 522 — 11,657 Special Mention 88 — — — — 110 — — 198 Substandard — — — — — 100 — — 100 Total Second deed of trust $ 681 $ 4,485 $ 3,088 $ 1,009 $ 388 $ 1,782 $ 522 $ $ 11,955 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial loans (except those secured by real estate) Pass 6,036 18,185 15,095 13,837 5,313 5,903 27,757 — 92,126 Special Mention — 34 — — — 49 369 — 452 Substandard — — — — 11 11 — — 22 Total Commercial and industrial $ 6,036 $ 18,219 $ 15,095 $ 13,837 $ 5,324 $ 5,963 $ 28,126 $ — $ 92,600 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Guaranteed student loans Pass — — — — — 15,782 — — 15,782 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Guaranteed student loans $ — $ — $ — $ — $ — $ 15,782 $ — $ — $ 15,782 Current period gross writeoff $ 6 $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other Pass 242 424 403 107 38 22 3,360 — 4,596 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer and other $ 242 $ 424 $ 403 $ 107 $ 38 $ 22 $ 3,360 $ $ 4,596 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — $ — Total Current period gross writeoff $ 6 $ — $ — $ — $ — $ — $ — $ — $ — Total loans $ 25,465 $ 91,092 $ 97,295 $ 91,832 $ 47,596 $ 169,121 $ 68,937 $ — $ 591,338 |
Schedule of aging of recorded investment in past due loans and leases | The following table presents the aging of the recorded investment in past due loans and leases as of the dates indicated (in thousands): Greater Investment > 30 ‑ 59 Days 60 ‑ 89 Days Than Total Past Total 90 Days and Past Due Past Due 90 Days Due Current Loans Accruing March 31, 2024 Construction and land development Residential $ — $ — $ — $ — $ 9,077 $ 9,077 $ — Commercial — — — — 34,437 34,437 — — — — — 43,514 43,514 — Commercial real estate Owner occupied — — — — 121,429 121,429 — Non-owner occupied — — — — 165,508 165,508 — Multifamily — — — — 18,254 18,254 — Farmland — — — — 24 24 — — — — — 305,215 305,215 — Consumer real estate Home equity lines 247 — — 247 21,435 21,682 — Secured by 1‑4 family residential First deed of trust 174 — — 174 95,820 95,994 — Second deed of trust — — — — 11,955 11,955 — 421 — — 421 129,210 129,631 — Commercial and industrial loans (except those secured by real estate) 719 49 375 1,143 91,457 92,600 375 Guaranteed student loans 588 342 2,200 3,130 12,652 15,782 2,200 Consumer and other — — — — 4,596 4,596 — Total loans $ 1,728 $ 391 $ 2,575 $ 4,694 $ 586,644 $ 591,338 $ 2,575 Recorded Greater Investment > 30-59 Days 60-89 Days Than Total Past Total 90 Days and Past Due Past Due 90 Days Due Current Loans Accruing December 31, 2023 Construction and land development Residential $ — $ — $ — $ — $ 10,471 $ 10,471 $ — Commercial — — — — 37,024 37,024 — — — — — 47,495 47,495 — Commercial real estate Owner occupied — — — — 122,666 122,666 — Non-owner occupied — — — — 154,855 154,855 — Multifamily — — — — 12,743 12,743 — Farmland — — — — 326 326 — — — — — 290,590 290,590 — Consumer real estate Home equity lines 83 25 — 108 21,449 21,557 — Secured by 1-4 family residential First deed of trust — — — — 95,638 95,638 — Second deed of trust 33 — — 33 11,304 11,337 — 116 25 — 141 128,391 128,532 — Commercial and industrial loans (except those secured by real estate) — — — — 86,203 86,203 — Guaranteed student loans 690 493 2,228 3,411 14,512 17,923 2,228 Consumer and other 734 — — 734 3,531 4,265 — Total loans $ 1,540 $ 518 $ 2,228 $ 4,286 $ 570,722 $ 575,008 $ 2,228 |
Schedule of impaired loans, after ASU 2016-13 | March 31, 2024 December 31, 2023 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no related allowance recorded Secured by 1‑4 family residential First deed of trust $ 159 $ 159 $ — $ 160 $ 160 $ — Second deed of trust 100 100 — 105 105 — 259 259 — 265 265 — Commercial and industrial loans (except those secured by real estate) 22 22 — 26 26 — 281 281 — 291 291 — Total Secured by 1-4 family residential, First deed of trust 159 159 — 160 160 — Second deed of trust 100 100 — 105 105 — 259 259 — 265 265 — Commercial and industrial loans (except those secured by real estate) 22 22 — 26 26 — Consumer and other — — — — — — $ 281 $ 281 $ — $ 291 $ 291 $ — |
Schedule of average recorded investment in impaired loans | The following is a summary of average recorded investment in collateral dependent loans with and without a valuation allowance and interest income recognized on those loans for the periods indicated (in thousands): For the Three Months Ended For the Three Months Ended March 31, 2024 March 31, 2023 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded Commercial real estate Owner occupied $ — $ — $ 3,468 $ 16 Non-owner occupied — — 496 — — — 3,964 16 Consumer real estate Home equity lines — — 300 6 Secured by 1-4 family residential First deed of trust 160 2 1,394 2 Second deed of trust 103 5 186 1 263 7 1,880 9 Commercial and industrial loans (except those secured by real estate) 23 — 54 1 286 7 5,898 26 With an allowance recorded Commercial real estate Owner occupied — — 191 — — — 191 — Consumer real estate Secured by 1-4 family residential First deed of trust — — 86 — Second deed of trust — — 8 — — — 94 — Consumer and other — — 16 — — — 301 — Total Commercial real estate Owner occupied — — 3,659 16 Non-owner occupied — — 496 — — — 4,155 16 Consumer real estate Home equity lines — — 300 6 Secured by 1-4 family residential, First deed of trust 160 2 1,480 2 Second deed of trust 103 5 194 1 263 7 1,974 9 Commercial and industrial loans (except those secured by real estate) 23 — 54 1 Consumer and other — — 16 — $ 286 $ 7 $ 6,199 $ 26 |
Schedule of activity in the allowance for loan losses | Activity in the allowance for credit losses on loans is as follows for the periods indicated (in thousands): Provision for Beginning (Recovery of) Ending Balance Credit Losses Charge-offs Recoveries Balance Three Months Ended March 31, 2024 Construction and land development Residential $ 86 $ (29) $ — $ — $ 57 Commercial 228 (26) — — 202 314 (55) — — 259 Commercial real estate Owner occupied 409 28 — — 437 Non-owner occupied 1,467 129 — — 1,596 Multifamily 44 42 — — 86 Farmland 3 (3) — — — 1,923 196 — — 2,119 Consumer real estate Home equity lines 40 (18) — 10 32 Secured by 1-4 family residential — First deed of trust 293 4 — 1 298 Second deed of trust 99 (6) — 5 98 432 (20) — 16 428 Commercial and industrial loans (except those secured by real estate) 640 22 — 4 666 Student loans 57 4 (6) — 55 Consumer and other 36 — — — 36 Unallocated 21 (10) — — 11 $ 3,423 $ 137 $ (6) $ 20 $ 3,574 Impact of Provision for Beginning adopting (Recovery of) Ending Balance ASC 326 Credit Losses Charge-offs Recoveries Balance Three Months Ended March 31, 2023 Construction and land development Residential $ 79 $ 3 $ (31) $ — $ — $ 51 Commercial 192 34 38 — — 264 271 37 7 — — 315 Commercial real estate Owner occupied 867 (475) (1) — — 391 Non-owner occupied 1,289 192 (21) — — 1,460 Multifamily 33 7 — — — 40 Farmland — — — — — — 2,189 (276) (22) — — 1,891 Consumer real estate Home equity lines 11 24 (2) — — 33 Secured by 1-4 family residential — First deed of trust 131 76 6 — 1 214 Second deed of trust 43 25 5 — 2 75 185 125 9 — 3 322 Commercial and industrial loans (except those secured by real estate) 576 1 (34) — 6 549 Student loans 52 — 63 (3) — 112 Consumer and other 37 (5) 2 — — 34 Unallocated 60 (9) (2) — — 49 $ 3,370 $ (127) $ 23 $ (3) $ 9 $ 3,272 Impact of Provision for Beginning adopting (Recovery of) Ending Balance ASC 326 Loan Losses Charge-offs Recoveries Balance Year Ended December 31, 2023 Construction and land development Residential $ 79 $ 3 $ 4 $ — $ — $ 86 Commercial 192 34 2 — — 228 271 37 6 — — 314 Commercial real estate Owner occupied 867 (475) 17 — — 409 Non-owner occupied 1,289 192 (14) — — 1,467 Multifamily 33 7 4 — — 44 Farmland — — 3 — — 3 2,189 (276) 10 — — 1,923 Consumer real estate Home equity lines 11 24 5 — — 40 Secured by 1-4 family residential First deed of trust 131 76 83 — 3 293 Second deed of trust 43 25 15 — 16 99 185 125 103 — 19 432 Commercial and industrial loans (except those secured by real estate) 576 1 (110) — 173 640 Student loans 52 — 35 (30) — 57 Consumer and other 37 (5) 7 (3) — 36 Unallocated 60 (9) (30) — — 21 $ 3,370 $ (127) $ 21 $ (33) $ 192 $ 3,423 |
Schedule of provision for credit losses | The following table presents a breakdown of the provision for credit losses for the periods indicated (in thousands): Three Months Ended March 31, 2024 2023 Provision for credit losses: Provision for loans $ 137 $ 23 Provision (recovery) for unfunded commitments 13 (23) Total $ 150 $ — |
Schedule of loans evaluated for impairment | Recorded Investment in Loans Allowance Loans Ending Ending Balance Individually Collectively Balance Individually Collectively Three Months Ended March 31, 2024 Construction and land development Residential $ 57 $ — $ 57 $ 9,077 $ — $ 9,077 Commercial 202 — 202 34,437 — 34,437 259 — 259 43,514 — 43,514 Commercial real estate Owner occupied 437 — 437 121,429 — 121,429 Non-owner occupied 1,596 — 1,596 165,508 — 165,508 Multifamily 86 — 86 18,254 — 18,254 Farmland — — — 24 — 24 2,119 — 2,119 305,215 — 305,215 Consumer real estate Home equity lines 32 — 32 21,682 — 21,682 Secured by 1-4 family residential First deed of trust 298 — 298 95,994 159 95,835 Second deed of trust 98 — 98 11,955 100 11,855 428 — 428 129,631 259 129,372 Commercial and industrial loans (except those secured by real estate) 666 — 666 92,600 22 92,578 Student loans 55 — 55 15,782 — 15,782 Consumer and other 47 — 47 4,596 — 4,596 $ 3,574 $ — $ 3,574 $ 591,338 $ 281 $ 591,057 Year Ended December 31, 2023 Construction and land development Residential $ 86 $ — $ 86 $ 10,471 $ — $ 10,471 Commercial 228 — 228 37,024 — 37,024 314 — 314 47,495 — 47,495 Commercial real estate Owner occupied 409 — 409 122,666 — 122,666 Non-owner occupied 1,467 — 1,467 154,855 — 154,855 Multifamily 44 — 44 12,743 — 12,743 Farmland 3 — 3 326 — 326 1,923 — 1,923 290,590 — 290,590 Consumer real estate Home equity lines 40 — 40 21,557 — 21,557 Secured by 1-4 family residential First deed of trust 293 — 293 95,638 160 95,478 Second deed of trust 99 — 99 11,337 105 11,232 432 — 432 128,532 265 128,267 Commercial and industrial loans (except those secured by real estate) 640 — 640 86,203 26 86,177 Student loans 57 — 57 17,923 — 17,923 Consumer and other 57 — 57 4,265 — 4,265 $ 3,423 $ — $ 3,423 $ 575,008 $ 291 $ 574,717 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits | |
Schedule of deposits | Deposits as of March 31, 2024 and December 31, 2023 were as follows (dollars in thousands): March 31, 2024 December 31, 2023 Amount % Amount % Demand accounts $ 230,118 37.1 % $ 247,624 40.9 % Interest checking accounts 78,739 12.7 % 76,289 12.6 % Money market accounts 207,640 33.5 % 195,249 32.3 % Savings accounts 35,238 5.7 % 39,633 6.5 % Time deposits of $250,000 and over 31,355 5.0 % 9,145 1.5 % Other time deposits 37,179 6.0 % 37,405 6.2 % Total $ 620,269 100.0 % $ 605,345 100.0 % |
Stock incentive plan (Tables)
Stock incentive plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stock incentive plan | |
Schedule of options outstanding under company's stock incentive plan | The following table summarizes option activity under the Company's stock incentive plans during the indicated periods: Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Exercise Fair Value Intrinsic Exercise Fair Value Intrinsic Options Price Per Share Value Options Price Per Share Value Options outstanding, beginning of period — $ — $ — 14 $ 25.63 $ 9.76 Granted — — — — — — Forfeited — — — — — — Exercised — — $ — — — — Options outstanding, end of period — $ — $ — $ — 14 $ 25.28 $ 9.76 $ — Options exercisable, end of period — 14 |
Schedule of company's non vested restricted stock awards | A summary of changes in the Company’s non-vested restricted stock and restricted stock unit awards for the three months ended March 31, 2024 follows: Weighted- Average Aggregate Grant-Date Intrinsic Shares Fair-Value Value December 31, 2023 31,077 $ 45.93 $ 1,320,773 Granted — — — Vested (4,179) 52.32 (177,608) Forfeited — — — Other (1) (787) 58.95 (33,448) March 31, 2024 26,111 $ 44.52 $ 1,109,718 (1) Represents the incremental decrease in shares that vested based on the restricted stock units vesting at a lower value as opposed to the targeted value of the award. |
Fair value (Tables)
Fair value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair value | |
Schedule of recurring and Non recurring basis | Assets and liabilities measured at fair value under Topic 820 on a recurring and non-recurring basis are summarized below for the indicated dates (in thousands): Fair Value Measurement at March 31, 2024 Using Quoted Prices in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial Assets - Recurring U.S. Government Agencies $ 678 $ — $ 678 $ — Mortgage-backed securities 69,907 — 69,907 — Municipals 1,652 — 1,652 — Subordinated debt 10,547 — 10,047 500 Loans held for sale 7,019 — 7,019 — IRLC 293 — 293 — Financial Liabilities - Recurring Forward sales commitment 42 — 42 — Fair Value Measurement at December 31, 2023 Using Quoted Prices in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial Assets - Recurring U.S. Government Agencies $ 20,615 $ — $ 20,615 $ — Mortgage-backed securities 72,537 — 72,537 — Municipals 1,656 — 1,656 — Subordinated debt 10,777 — 10,277 500 Loans held for sale 4,983 — 4,983 — IRLC 271 — 271 — Financial Liabilities - Recurring Forward sales commitment 506 — 506 — |
Schedule of company's financial instruments whether or not recognized | March 31, December 31, 2024 2023 Level in Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial assets Cash Level 1 $ 13,073 $ 13,073 $ 10,383 $ 10,383 Cash equivalents Level 2 19,323 19,323 7,331 7,331 Investment securities available for sale Level 2 82,284 82,284 105,085 105,085 Investment securities available for sale Level 3 500 500 500 500 Federal Home Loan Bank stock Level 2 2,644 2,644 2,644 2,644 Loans held for sale Level 2 7,019 7,019 4,983 4,983 Loans Level 3 591,338 567,741 575,008 547,935 Bank owned life insurance Level 2 13,198 13,198 13,120 13,120 Accrued interest receivable Level 2 3,531 3,531 3,827 3,827 Interest rate lock commitments Level 2 293 293 271 271 Financial liabilities Deposits Level 2 620,269 620,673 605,345 605,226 FHLB borrowings Level 2 40,000 39,886 45,000 44,999 Trust preferred securities Level 2 8,764 8,969 8,764 8,848 Other borrowings Level 2 5,700 5,700 5,700 5,700 Accrued interest payable Level 2 406 406 210 210 Forward sales commitment Level 2 42 42 506 506 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting | |
Schedule of segment information | The following table presents segment information as of and for the three months ended March 31, 2024 and 2023 (in thousands): Commercial Mortgage Consolidated Banking Banking Eliminations Totals Three Months Ended March 31, 2024 Revenues Interest income $ 9,243 $ 92 $ — $ 9,335 Mortgage banking income, net — 909 (59) 850 Other revenues 795 — (41) 754 Total revenues 10,038 1,001 (100) 10,939 Expenses Provision for credit losses 150 — — 150 Interest expense 2,939 — — 2,939 Salaries and benefits 2,785 679 — 3,464 Other expenses 2,030 235 (100) 2,165 Total operating expenses 7,904 914 (100) 8,718 Income before income taxes 2,134 87 — 2,221 Income tax expense 431 18 — 449 Net income $ 1,703 $ 69 $ — $ 1,772 Total assets $ 756,005 $ 16,777 $ (25,910) $ 746,872 — Commercial Mortgage Consolidated Banking Banking Eliminations Totals Three Months Ended March 31, 2023 Revenues Interest income $ 7,543 $ 40 $ — $ 7,583 Mortgage banking income, net — 538 (60) 478 Other revenues 821 — — 821 Total revenues 8,364 578 (60) 8,882 Expenses Interest expense 1,218 — — 1,218 Salaries and benefits 2,742 706 — 3,448 Other expenses 2,137 274 (60) 2,351 Total operating expenses 6,097 980 (60) 7,017 Income (loss) before income taxes 2,267 (402) — 1,865 Income tax expense (benefit) 409 (84) — 325 Net income (loss) $ 1,858 $ (318) $ — $ 1,540 Total assets $ 749,402 $ 17,878 $ (32,483) $ 734,797 |
Shareholders' Equity and Regu_2
Shareholders' Equity and Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Shareholders' Equity and Regulatory Matters | |
Schedule of accumulated other comprehensive income (loss) | The following table presents the change in accumulated other comprehensive loss for the three months ended March 31, 2024 and year ended December 31, 2023 and is summarized as follows, net of tax (dollars in thousands): Unrealized Defined Losses on AFS Benefit Securities Plan Total Accumulated other comprehensive loss December 31, 2023 $ (5,604) $ (9) $ (5,613) Other comprehensive loss Other comprehensive loss before reclassification - - Amounts reclassified from AOCI into earnings (782) - (782) Net current period other comprehensive loss (782) - (782) Accumulated other comprehensive loss March 31, 2024 $ (6,386) $ (9) $ (6,395) Unrealized Defined Losses on AFS Benefit Securities Plan Total Accumulated other comprehensive loss December 31, 2022 $ (10,863) $ (18) $ (10,881) Other comprehensive income Other comprehensive income before reclassification 1,320 9 1,329 Amounts reclassified from AOCI into earnings 3,939 - 3,939 Net current period other comprehensive income 5,259 9 5,268 Accumulated other comprehensive loss December 31, 2023 $ (5,604) $ (9) $ (5,613) |
Schedule of capital amounts and ratios | The capital amounts and ratios at March 31, 2024 and December 31, 2023 for the Bank are presented in the table below (dollars in thousands): Minimum Capital Requirements Actual Including Conservation Buffer (1) To be Well Capitalized Amount Ratio Amount Ratio Amount Ratio March 31, 2024 Total capital (to risk- weighted assets) Village Bank $ 88,249 14.13 % $ 65,568 10.50 % $ 62,446 10.00 % Tier 1 capital (to risk- weighted assets) Village Bank 84,355 13.51 % 53,079 8.50 % 49,957 8.00 % Leverage ratio (Tier 1 capital to average assets) Village Bank 84,355 11.36 % 29,698 4.00 % 37,122 5.00 % Common equity tier 1 (to risk- weighted assets) Village Bank 84,355 13.51 % 43,712 7.00 % 40,590 6.50 % December 31, 2023 Total capital (to risk- weighted assets) Village Bank $ 86,493 14.49 % $ 62,679 10.50 % $ 59,695 10.00 % Tier 1 capital (to risk- weighted assets) Village Bank 82,764 13.86 % 50,740 8.50 % 47,756 8.00 % Leverage ratio (Tier 1 capital to average assets) Village Bank 82,764 11.14 % 29,706 4.00 % 37,133 5.00 % Common equity tier 1 (to risk- weighted assets) Village Bank 82,764 13.86 % 41,786 7.00 % 38,801 6.50 % (1) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and contingencies | |
Schedule of off balance sheet financial instruments | At March 31, 2024 and December 31, 2023, the Company had the following approximate off-balance-sheet financial instruments whose contract amounts represent credit risk (in thousands): March 31, December 31, 2024 2023 Undisbursed credit lines $ 137,230 $ 127,918 Commitments to extend or originate credit 11,298 7,463 Standby letters of credit 1,246 1,202 Total commitments to extend credit $ 149,774 $ 136,583 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) position segment | Dec. 31, 2023 USD ($) position | |
Accounting Policies [Line Items] | ||
Loans held for sale | $ 7 | $ 5 |
Number of reportable segments | segment | 2 | |
Other Assets | ||
Accounting Policies [Line Items] | ||
Forward sales commitments notional amount | $ 11.3 | $ 7.5 |
Forward sales commitments total positions | position | 36 | 27 |
Other Liabilities | ||
Accounting Policies [Line Items] | ||
IRLC total positions | position | 58 | 47 |
Forward sales commitments notional amount | $ 18.2 | $ 12.3 |
Principles of presentation - Im
Principles of presentation - Impact of ASC 326 (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance Ending Balance | $ 3,574,000 | $ 3,423,000 | $ 3,270,000 | $ 3,370,000 | |
Total Allowance for credit losses | 3,574,000 | 3,423,000 | 3,270,000 | 3,370,000 | |
Allowance for credit losses on unfunded credit exposure | 320,000 | 254,000 | |||
Total Allowance for credit losses | 3,890,000 | 3,530,000 | |||
Retained earnings | 13,278,000 | 11,775,000 | |||
Construction and land development | |||||
Allowance Ending Balance | 259,000 | 314,000 | $ 259,000 | 315,000 | 271,000 |
Total Allowance for credit losses | 259,000 | 314,000 | 259,000 | 315,000 | 271,000 |
Construction and land development | Residential | |||||
Allowance Ending Balance | 57,000 | 86,000 | 51,000 | 79,000 | |
Total Allowance for credit losses | 57,000 | 86,000 | 51,000 | 79,000 | |
Construction and land development | Commercial | |||||
Allowance Ending Balance | 202,000 | 228,000 | 264,000 | 192,000 | |
Total Allowance for credit losses | 202,000 | 228,000 | 264,000 | 192,000 | |
Commercial real estate | |||||
Allowance Ending Balance | 2,119,000 | 1,923,000 | 2,119,000 | 1,891,000 | 2,189,000 |
Total Allowance for credit losses | 2,119,000 | 1,923,000 | 2,119,000 | 1,891,000 | 2,189,000 |
Commercial real estate | Owner occupied | |||||
Allowance Ending Balance | 437,000 | 409,000 | 391,000 | 867,000 | |
Total Allowance for credit losses | 437,000 | 409,000 | 391,000 | 867,000 | |
Commercial real estate | Non-owner occupied | |||||
Allowance Ending Balance | 1,596,000 | 1,467,000 | 1,460,000 | 1,289,000 | |
Total Allowance for credit losses | 1,596,000 | 1,467,000 | 1,460,000 | 1,289,000 | |
Commercial real estate | Multifamily | |||||
Allowance Ending Balance | 86,000 | 44,000 | 40,000 | 33,000 | |
Total Allowance for credit losses | 86,000 | 44,000 | 40,000 | 33,000 | |
Commercial real estate | Farmland | |||||
Allowance Ending Balance | 3,000 | ||||
Total Allowance for credit losses | 3,000 | ||||
Consumer real estate secured by 1-4 family residential | |||||
Allowance Ending Balance | 428,000 | 432,000 | 428,000 | 322,000 | 185,000 |
Total Allowance for credit losses | 428,000 | 432,000 | $ 428,000 | 322,000 | 185,000 |
Consumer real estate secured by 1-4 family residential | Home equity lines | |||||
Allowance Ending Balance | 32,000 | 40,000 | 33,000 | 11,000 | |
Total Allowance for credit losses | 32,000 | 40,000 | 33,000 | 11,000 | |
Consumer real estate secured by 1-4 family residential | First deed of trust | |||||
Allowance Ending Balance | 298,000 | 293,000 | 214,000 | 131,000 | |
Total Allowance for credit losses | 298,000 | 293,000 | 214,000 | 131,000 | |
Consumer real estate secured by 1-4 family residential | Second deed of trust | |||||
Allowance Ending Balance | 98,000 | 99,000 | 75,000 | 43,000 | |
Total Allowance for credit losses | 98,000 | 99,000 | 75,000 | 43,000 | |
Commercial and industrial loans | |||||
Allowance Ending Balance | 3,272,000 | 3,370,000 | |||
Total Allowance for credit losses | 3,272,000 | 3,370,000 | |||
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | |||||
Allowance Ending Balance | 666,000 | 640,000 | 549,000 | 576,000 | |
Total Allowance for credit losses | 666,000 | 640,000 | 549,000 | 576,000 | |
Commercial and industrial loans | Guaranteed student loans | |||||
Allowance Ending Balance | 55,000 | 57,000 | 112,000 | 52,000 | |
Total Allowance for credit losses | 55,000 | 57,000 | 112,000 | 52,000 | |
Commercial and industrial loans | Consumer and other | |||||
Allowance Ending Balance | 36,000 | 36,000 | 34,000 | 37,000 | |
Total Allowance for credit losses | 36,000 | 36,000 | 34,000 | 37,000 | |
Commercial and industrial loans | Unallocated | |||||
Allowance Ending Balance | 11,000 | 21,000 | 49,000 | 60,000 | |
Total Allowance for credit losses | $ 11,000 | $ 21,000 | $ 49,000 | $ 60,000 |
Earnings per common share (Deta
Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator | ||
Net income - basic and diluted | $ 1,772 | $ 1,540 |
Denominator | ||
Weighted average shares outstanding - basic ( in shares) | 1,493 | 1,484 |
Weighted average shares outstanding - diluted (in shares) | 1,493 | 1,484 |
Earnings per share - basic (in dollars per share) | $ 1.19 | $ 1.04 |
Earnings per share - diluted (in dollars per share) | $ 1.19 | $ 1.04 |
Earnings per common share - Add
Earnings per common share - Additional Information (Details) - shares | Mar. 31, 2024 | Mar. 31, 2023 |
Earnings per common share | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 10,252 | 10,658 |
Investment securities availab_3
Investment securities available for sale - Amortized cost and fair value of investment securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 90,866 | $ 112,678 |
Gross Unrealized Gains | 290 | 673 |
Gross Unrealized Losses | (8,372) | (7,766) |
Fair Value | 82,784 | 105,585 |
U.S. Government agencies obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 695 | 20,690 |
Gross Unrealized Losses | (17) | (75) |
Fair Value | 678 | 20,615 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 75,706 | 77,275 |
Gross Unrealized Gains | 261 | 643 |
Gross Unrealized Losses | (6,060) | (5,381) |
Fair Value | 69,907 | 72,537 |
Municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,263 | 2,264 |
Gross Unrealized Losses | (611) | (608) |
Fair Value | 1,652 | 1,656 |
Subordinated debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,202 | 12,449 |
Gross Unrealized Gains | 29 | 30 |
Gross Unrealized Losses | (1,684) | (1,702) |
Fair Value | $ 10,547 | $ 10,777 |
Investment securities availab_4
Investment securities available for sale - Summary of investment securities available for sale having fair value and unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities in a loss position for less than 12 Months, Fair Value | $ 13,335 | $ 8,776 |
Securities in a loss position for less than 12 Months, Unrealized Losses | (544) | (611) |
Securities in a loss position for more than 12 Months, Fair Value | 40,289 | 58,193 |
Securities in a loss Position for more than 12 Months, Unrealized Losses | (7,828) | (7,155) |
Total Fair Value | 53,624 | 66,969 |
Total Unrealized Losses | (8,372) | (7,766) |
U.S. Government agencies obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities in a loss position for less than 12 Months, Fair Value | 322 | |
Securities in a loss position for less than 12 Months, Unrealized Losses | (1) | |
Securities in a loss position for more than 12 Months, Fair Value | 356 | 20,289 |
Securities in a loss Position for more than 12 Months, Unrealized Losses | (16) | (75) |
Total Fair Value | 678 | 20,289 |
Total Unrealized Losses | (17) | (75) |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities in a loss position for less than 12 Months, Fair Value | 10,224 | 4,631 |
Securities in a loss position for less than 12 Months, Unrealized Losses | (100) | (24) |
Securities in a loss position for more than 12 Months, Fair Value | 31,221 | 30,311 |
Securities in a loss Position for more than 12 Months, Unrealized Losses | (5,960) | (5,357) |
Total Fair Value | 41,445 | 34,942 |
Total Unrealized Losses | (6,060) | (5,381) |
Municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities in a loss position for more than 12 Months, Fair Value | 1,652 | 1,656 |
Securities in a loss Position for more than 12 Months, Unrealized Losses | (611) | (608) |
Total Fair Value | 1,652 | 1,656 |
Total Unrealized Losses | (611) | (608) |
Subordinated debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities in a loss position for less than 12 Months, Fair Value | 2,789 | 4,145 |
Securities in a loss position for less than 12 Months, Unrealized Losses | (443) | (587) |
Securities in a loss position for more than 12 Months, Fair Value | 7,060 | 5,937 |
Securities in a loss Position for more than 12 Months, Unrealized Losses | (1,241) | (1,115) |
Total Fair Value | 9,849 | 10,082 |
Total Unrealized Losses | $ (1,684) | $ (1,702) |
Investment securities availab_5
Investment securities available for sale - Summary of amortized cost and estimated fair value of investment securities available for sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
One to five years | $ 10,834 | |
Five to ten years | 17,098 | |
More than ten years | 62,934 | |
Total | 90,866 | |
Fair Value | ||
One to five years | 10,823 | |
Five to ten years | 15,485 | |
More than ten years | 56,476 | |
Total | $ 82,784 | $ 105,585 |
Investment securities availab_6
Investment securities available for sale - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) item | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Investment securities available for sale | |||
Pledged Financial Instruments, Not Separately Reported, Securities for Federal Home Loan Bank | $ 575,000 | $ 24,926,000 | |
Amortized Cost | 90,866,000 | 112,678,000 | |
Proceeds from the sale of available-for-sale securities | $ 0 | $ 0 | |
Number of positions, Total months | item | 60 | ||
Total Fair Value | $ 53,624,000 | 66,969,000 | |
Total Unrealized Losses | $ 8,372,000 | $ 7,766,000 |
Loans and allowances for loan l
Loans and allowances for loan losses - Classified by type (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (3,574) | $ (3,423) | $ (3,270) | $ (3,370) | |
Percentage of class of loans to loan portfolio (in percent) | 100% | 100% | |||
Loans | |||||
Total loans | $ 591,338 | $ 575,008 | $ 591,338 | ||
Deferred (fees) and costs, net | 750 | 803 | |||
Less: allowance for credit losses | (3,574) | (3,423) | (3,270) | (3,370) | |
Total loans, net | 588,514 | 572,388 | |||
Construction and land development | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (259) | $ (314) | (259) | (315) | (271) |
Percentage of class of loans to loan portfolio (in percent) | 7.36% | 8.26% | |||
Loans | |||||
Total loans | $ 43,514 | $ 47,495 | 43,514 | ||
Less: allowance for credit losses | (259) | (314) | (259) | (315) | (271) |
Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (2,119) | $ (1,923) | (2,119) | (1,891) | (2,189) |
Percentage of class of loans to loan portfolio (in percent) | 51.61% | 50.54% | |||
Loans | |||||
Total loans | $ 305,215 | $ 290,590 | 305,215 | ||
Less: allowance for credit losses | (2,119) | (1,923) | (2,119) | (1,891) | (2,189) |
Consumer real estate secured by 1-4 family residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (428) | $ (432) | (428) | (322) | (185) |
Percentage of class of loans to loan portfolio (in percent) | 21.92% | 22.35% | |||
Loans | |||||
Total loans | $ 129,631 | $ 128,532 | 129,631 | ||
Less: allowance for credit losses | (428) | (432) | (428) | (322) | (185) |
Commercial and industrial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | (3,272) | (3,370) | |||
Loans | |||||
Less: allowance for credit losses | (3,272) | (3,370) | |||
Residential | Construction and land development | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (57) | $ (86) | (51) | (79) | |
Percentage of class of loans to loan portfolio (in percent) | 1.53% | 1.82% | |||
Loans | |||||
Total loans | $ 9,077 | $ 10,471 | 9,077 | ||
Less: allowance for credit losses | (57) | (86) | (51) | (79) | |
Commercial | Construction and land development | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (202) | $ (228) | (264) | (192) | |
Percentage of class of loans to loan portfolio (in percent) | 5.83% | 6.44% | |||
Loans | |||||
Total loans | $ 34,437 | $ 37,024 | 34,437 | ||
Less: allowance for credit losses | (202) | (228) | (264) | (192) | |
Owner occupied | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (437) | $ (409) | (391) | (867) | |
Percentage of class of loans to loan portfolio (in percent) | 20.53% | 21.33% | |||
Loans | |||||
Total loans | $ 121,429 | $ 122,666 | 121,429 | ||
Less: allowance for credit losses | (437) | (409) | (391) | (867) | |
Non-owner occupied | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (1,596) | $ (1,467) | (1,460) | (1,289) | |
Percentage of class of loans to loan portfolio (in percent) | 27.99% | 26.93% | |||
Loans | |||||
Total loans | $ 165,508 | $ 154,855 | 165,508 | ||
Less: allowance for credit losses | (1,596) | (1,467) | (1,460) | (1,289) | |
Multifamily | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (86) | $ (44) | (40) | (33) | |
Percentage of class of loans to loan portfolio (in percent) | 3.09% | 2.22% | |||
Loans | |||||
Total loans | $ 18,254 | $ 12,743 | 18,254 | ||
Less: allowance for credit losses | $ (86) | (44) | (40) | (33) | |
Farmland | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (3) | ||||
Percentage of class of loans to loan portfolio (in percent) | 0% | 0.06% | |||
Loans | |||||
Total loans | $ 24 | $ 326 | 24 | ||
Less: allowance for credit losses | (3) | ||||
Home equity lines | Consumer real estate secured by 1-4 family residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (32) | $ (40) | (33) | (11) | |
Percentage of class of loans to loan portfolio (in percent) | 3.67% | 3.75% | |||
Loans | |||||
Total loans | $ 21,682 | $ 21,557 | 21,682 | ||
Less: allowance for credit losses | (32) | (40) | (33) | (11) | |
First deed of trust | Consumer real estate secured by 1-4 family residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (298) | $ (293) | (214) | (131) | |
Percentage of class of loans to loan portfolio (in percent) | 16.23% | 16.63% | |||
Loans | |||||
Total loans | $ 95,994 | $ 95,638 | 95,994 | ||
Less: allowance for credit losses | (298) | (293) | (214) | (131) | |
Second deed of trust | Consumer real estate secured by 1-4 family residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (98) | $ (99) | (75) | (43) | |
Percentage of class of loans to loan portfolio (in percent) | 2.02% | 1.97% | |||
Loans | |||||
Total loans | $ 11,955 | $ 11,337 | 11,955 | ||
Less: allowance for credit losses | (98) | (99) | (75) | (43) | |
Commercial and industrial loans (except those secured by real estate) | Commercial and industrial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (666) | $ (640) | (549) | (576) | |
Percentage of class of loans to loan portfolio (in percent) | 15.66% | 14.99% | |||
Loans | |||||
Total loans | $ 92,600 | $ 86,203 | 92,600 | ||
Less: allowance for credit losses | (666) | (640) | (549) | (576) | |
Guaranteed student loans | Commercial and industrial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (55) | $ (57) | (112) | (52) | |
Percentage of class of loans to loan portfolio (in percent) | 2.67% | 3.12% | |||
Loans | |||||
Total loans | $ 15,782 | $ 17,923 | 15,782 | ||
Less: allowance for credit losses | (55) | (57) | (112) | (52) | |
Consumer and other | Commercial and industrial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: allowance for credit losses | $ (36) | $ (36) | (34) | (37) | |
Percentage of class of loans to loan portfolio (in percent) | 0.78% | 0.74% | |||
Loans | |||||
Total loans | $ 4,596 | $ 4,265 | $ 4,596 | ||
Less: allowance for credit losses | $ (36) | $ (36) | $ (34) | $ (37) |
Loans and allowance for loan _3
Loans and allowance for loan losses - Information on the risk rating of loans (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 591,338,000 | $ 575,008,000 | $ 591,338,000 |
Total loans | 281,000 | 291,000 | |
Construction and land development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 43,514,000 | 47,495,000 | 43,514,000 |
Construction and land development | Residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,077,000 | 10,471,000 | 9,077,000 |
Construction and land development | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 34,437,000 | 37,024,000 | 34,437,000 |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 305,215,000 | 290,590,000 | 305,215,000 |
Commercial real estate | Owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 121,429,000 | 122,666,000 | 121,429,000 |
Commercial real estate | Non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 165,508,000 | 154,855,000 | 165,508,000 |
Commercial real estate | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 18,254,000 | 12,743,000 | 18,254,000 |
Commercial real estate | Farmland | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 24,000 | 326,000 | 24,000 |
Consumer real estate secured by 1-4 family residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 129,631,000 | 128,532,000 | 129,631,000 |
Total loans | 259,000 | 265,000 | |
Consumer real estate secured by 1-4 family residential | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 21,682,000 | 21,557,000 | 21,682,000 |
Consumer real estate secured by 1-4 family residential | First deed of trust | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 95,994,000 | 95,638,000 | 95,994,000 |
Total loans | 159,000 | 160,000 | |
Consumer real estate secured by 1-4 family residential | Second deed of trust | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,955,000 | 11,337,000 | 11,955,000 |
Total loans | 100,000 | 105,000 | |
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 92,600,000 | 86,203,000 | 92,600,000 |
Total loans | 22,000 | 26,000 | |
Commercial and industrial loans | Guaranteed student loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 15,782,000 | 17,923,000 | 15,782,000 |
Commercial and industrial loans | Consumer and other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 4,596,000 | $ 4,265,000 | $ 4,596,000 |
Loans and allowance for loan _4
Loans and allowance for loan losses - Risk category of loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | $ 25,465 | ||
2022 | 91,092 | ||
2021 | 97,295 | ||
2020 | 91,832 | ||
2019 | 47,596 | ||
Prior | 169,121 | ||
Revolving | 68,937 | ||
Total loans | 591,338 | $ 575,008 | $ 591,338 |
Current-period gross write-offs | |||
2023 | 6 | ||
Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 43,514 | 47,495 | 43,514 |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 305,215 | 290,590 | 305,215 |
Consumer real estate secured by 1-4 family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 129,631 | 128,532 | 129,631 |
Residential | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 876 | ||
2022 | 5,656 | ||
2021 | 2,206 | ||
2020 | 339 | ||
Total loans | 9,077 | 10,471 | 9,077 |
Residential | Construction and land development | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 876 | ||
2022 | 5,656 | ||
2021 | 2,206 | ||
2020 | 339 | ||
Total loans | 9,077 | ||
Commercial | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 692 | ||
2022 | 6,649 | ||
2021 | 14,193 | ||
2020 | 10,331 | ||
2019 | 224 | ||
Prior | 1,081 | ||
Revolving | 1,267 | ||
Total loans | 34,437 | 37,024 | 34,437 |
Commercial | Construction and land development | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 692 | ||
2022 | 6,649 | ||
2021 | 14,193 | ||
2020 | 10,331 | ||
2019 | 224 | ||
Prior | 1,081 | ||
Revolving | 1,267 | ||
Total loans | 34,437 | ||
Owner occupied | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 666 | ||
2022 | 12,518 | ||
2021 | 21,838 | ||
2020 | 19,220 | ||
2019 | 9,737 | ||
Prior | 56,876 | ||
Revolving | 574 | ||
Total loans | 121,429 | 122,666 | 121,429 |
Owner occupied | Commercial real estate | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 666 | ||
2022 | 12,518 | ||
2021 | 21,638 | ||
2020 | 19,149 | ||
2019 | 9,276 | ||
Prior | 52,199 | ||
Revolving | 574 | ||
Total loans | 116,020 | ||
Owner occupied | Commercial real estate | Special Mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2021 | 200 | ||
2020 | 71 | ||
2019 | 461 | ||
Prior | 4,677 | ||
Total loans | 5,409 | ||
Non-owner occupied | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 6,692 | ||
2022 | 9,425 | ||
2021 | 25,419 | ||
2020 | 30,403 | ||
2019 | 23,337 | ||
Prior | 60,376 | ||
Revolving | 9,856 | ||
Total loans | 165,508 | 154,855 | 165,508 |
Non-owner occupied | Commercial real estate | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 6,692 | ||
2022 | 9,425 | ||
2021 | 25,419 | ||
2020 | 28,243 | ||
2019 | 23,337 | ||
Prior | 57,626 | ||
Revolving | 9,856 | ||
Total loans | 160,598 | ||
Non-owner occupied | Commercial real estate | Special Mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2020 | 2,160 | ||
Prior | 2,750 | ||
Total loans | 4,910 | ||
Multifamily | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 5,250 | ||
2022 | 1,300 | ||
2020 | 2,434 | ||
2019 | 542 | ||
Prior | 6,857 | ||
Revolving | 1,871 | ||
Total loans | 18,254 | 12,743 | 18,254 |
Multifamily | Commercial real estate | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 5,250 | ||
2022 | 1,300 | ||
2020 | 2,434 | ||
2019 | 542 | ||
Prior | 6,857 | ||
Revolving | 1,871 | ||
Total loans | 18,254 | ||
Farmland | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Prior | 24 | ||
Total loans | 24 | 326 | 24 |
Farmland | Commercial real estate | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Prior | 24 | ||
Total loans | 24 | ||
Home equity lines | Consumer real estate secured by 1-4 family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2021 | 445 | ||
Revolving | 21,237 | ||
Total loans | 21,682 | 21,557 | 21,682 |
Home equity lines | Consumer real estate secured by 1-4 family residential | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2021 | 445 | ||
Revolving | 21,162 | ||
Total loans | 21,607 | ||
Home equity lines | Consumer real estate secured by 1-4 family residential | Special Mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving | 75 | ||
Total loans | 75 | ||
First deed of trust | Consumer real estate secured by 1-4 family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 4,330 | ||
2022 | 32,416 | ||
2021 | 14,608 | ||
2020 | 14,152 | ||
2019 | 8,006 | ||
Prior | 20,358 | ||
Revolving | 2,124 | ||
Total loans | 95,994 | 95,638 | 95,994 |
First deed of trust | Consumer real estate secured by 1-4 family residential | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 4,330 | ||
2022 | 32,416 | ||
2021 | 14,608 | ||
2020 | 14,152 | ||
2019 | 8,006 | ||
Prior | 19,985 | ||
Revolving | 2,124 | ||
Total loans | 95,621 | ||
First deed of trust | Consumer real estate secured by 1-4 family residential | Special Mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Prior | 214 | ||
Total loans | 214 | ||
First deed of trust | Consumer real estate secured by 1-4 family residential | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Prior | 159 | ||
Total loans | 159 | ||
Second deed of trust | Consumer real estate secured by 1-4 family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 681 | ||
2022 | 4,485 | ||
2021 | 3,088 | ||
2020 | 1,009 | ||
2019 | 388 | ||
Prior | 1,782 | ||
Revolving | 522 | ||
Total loans | 11,955 | 11,337 | 11,955 |
Second deed of trust | Consumer real estate secured by 1-4 family residential | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 593 | ||
2022 | 4,485 | ||
2021 | 3,088 | ||
2020 | 1,009 | ||
2019 | 388 | ||
Prior | 1,572 | ||
Revolving | 522 | ||
Total loans | 11,657 | ||
Second deed of trust | Consumer real estate secured by 1-4 family residential | Special Mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 88 | ||
Prior | 110 | ||
Total loans | 198 | ||
Second deed of trust | Consumer real estate secured by 1-4 family residential | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Prior | 100 | ||
Total loans | 100 | ||
Commercial and industrial loans (except those secured by real estate) | Commercial and industrial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 6,036 | ||
2022 | 18,219 | ||
2021 | 15,095 | ||
2020 | 13,837 | ||
2019 | 5,324 | ||
Prior | 5,963 | ||
Revolving | 28,126 | ||
Total loans | 92,600 | 86,203 | 92,600 |
Commercial and industrial loans (except those secured by real estate) | Commercial and industrial loans | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 6,036 | ||
2022 | 18,185 | ||
2021 | 15,095 | ||
2020 | 13,837 | ||
2019 | 5,313 | ||
Prior | 5,903 | ||
Revolving | 27,757 | ||
Total loans | 92,126 | ||
Commercial and industrial loans (except those secured by real estate) | Commercial and industrial loans | Special Mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2022 | 34 | ||
Prior | 49 | ||
Revolving | 369 | ||
Total loans | 452 | ||
Commercial and industrial loans (except those secured by real estate) | Commercial and industrial loans | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2019 | 11 | ||
Prior | 11 | ||
Total loans | 22 | ||
Guaranteed student loans | Commercial and industrial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Prior | 15,782 | ||
Total loans | 15,782 | 17,923 | 15,782 |
Current-period gross write-offs | |||
2023 | 6 | ||
Guaranteed student loans | Commercial and industrial loans | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Prior | 15,782 | ||
Total loans | 15,782 | ||
Consumer and other | Commercial and industrial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 242 | ||
2022 | 424 | ||
2021 | 403 | ||
2020 | 107 | ||
2019 | 38 | ||
Prior | 22 | ||
Revolving | 3,360 | ||
Total loans | 4,596 | $ 4,265 | 4,596 |
Consumer and other | Commercial and industrial loans | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 242 | ||
2022 | 424 | ||
2021 | 403 | ||
2020 | 107 | ||
2019 | 38 | ||
Prior | 22 | ||
Revolving | $ 3,360 | ||
Total loans | $ 4,596 |
Loans and allowance for loan _5
Loans and allowance for loan losses - Aging of recorded investment in past due loans and leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 591,338 | $ 575,008 | $ 591,338 |
Recorded Investment, 90 Days and Accruing | 2,228 | ||
Recorded Investment, 90 Days and Accruing | $ 2,575 | ||
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Percentage of loans | 98% | ||
Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 586,644 | 570,722 | |
Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4,694 | 4,286 | |
30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,728 | 1,540 | |
60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 391 | 518 | |
Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,575 | 2,228 | |
Construction and land development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 43,514 | 47,495 | 43,514 |
Construction and land development | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 43,514 | 47,495 | |
Construction and land development | Residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,077 | 10,471 | 9,077 |
Construction and land development | Residential | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,077 | 10,471 | |
Construction and land development | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 34,437 | 37,024 | 34,437 |
Construction and land development | Commercial | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 34,437 | 37,024 | |
Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 305,215 | 290,590 | 305,215 |
Commercial real estate | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 305,215 | 290,590 | |
Commercial real estate | Owner occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 121,429 | 122,666 | 121,429 |
Commercial real estate | Owner occupied | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 121,429 | 122,666 | |
Commercial real estate | Non-owner occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 165,508 | 154,855 | 165,508 |
Commercial real estate | Non-owner occupied | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 165,508 | 154,855 | |
Commercial real estate | Multifamily | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 18,254 | 12,743 | 18,254 |
Commercial real estate | Multifamily | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 18,254 | 12,743 | |
Commercial real estate | Farmland | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 24 | 326 | 24 |
Commercial real estate | Farmland | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 24 | 326 | |
Consumer real estate secured by 1-4 family residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 129,631 | 128,532 | 129,631 |
Consumer real estate secured by 1-4 family residential | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 129,210 | 128,391 | |
Consumer real estate secured by 1-4 family residential | Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 421 | 141 | |
Consumer real estate secured by 1-4 family residential | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 421 | 116 | |
Consumer real estate secured by 1-4 family residential | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 25 | ||
Consumer real estate secured by 1-4 family residential | Home equity lines | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 21,682 | 21,557 | 21,682 |
Consumer real estate secured by 1-4 family residential | Home equity lines | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 21,435 | 21,449 | |
Consumer real estate secured by 1-4 family residential | Home equity lines | Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 247 | 108 | |
Consumer real estate secured by 1-4 family residential | Home equity lines | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 247 | 83 | |
Consumer real estate secured by 1-4 family residential | Home equity lines | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 25 | ||
Consumer real estate secured by 1-4 family residential | First deed of trust | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 95,994 | 95,638 | 95,994 |
Consumer real estate secured by 1-4 family residential | First deed of trust | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 95,820 | 95,638 | |
Consumer real estate secured by 1-4 family residential | First deed of trust | Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 174 | ||
Consumer real estate secured by 1-4 family residential | First deed of trust | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 174 | ||
Consumer real estate secured by 1-4 family residential | Second deed of trust | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 11,955 | 11,337 | 11,955 |
Consumer real estate secured by 1-4 family residential | Second deed of trust | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 11,955 | 11,304 | |
Consumer real estate secured by 1-4 family residential | Second deed of trust | Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 33 | ||
Consumer real estate secured by 1-4 family residential | Second deed of trust | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 33 | ||
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 92,600 | 86,203 | 92,600 |
Recorded Investment, 90 Days and Accruing | 375 | ||
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 91,457 | 86,203 | |
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,143 | ||
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 719 | ||
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 49 | ||
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 375 | ||
Commercial and industrial loans | Guaranteed student loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 15,782 | 17,923 | 15,782 |
Recorded Investment, 90 Days and Accruing | 2,228 | ||
Recorded Investment, 90 Days and Accruing | 2,200 | ||
Commercial and industrial loans | Guaranteed student loans | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 12,652 | 14,512 | |
Commercial and industrial loans | Guaranteed student loans | Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,130 | 3,411 | |
Commercial and industrial loans | Guaranteed student loans | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 588 | 690 | |
Commercial and industrial loans | Guaranteed student loans | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 342 | 493 | |
Commercial and industrial loans | Guaranteed student loans | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,200 | 2,228 | |
Commercial and industrial loans | Consumer and other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4,596 | 4,265 | $ 4,596 |
Commercial and industrial loans | Consumer and other | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 4,596 | 3,531 | |
Commercial and industrial loans | Consumer and other | Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 734 | ||
Commercial and industrial loans | Consumer and other | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 734 |
Loans and allowance for loan _6
Loans and allowance for loan losses - Impaired loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
With no related allowance recorded | ||
Recorded Investment, after ASU 2016-13 | $ 281 | $ 291 |
Unpaid Principle Balance, after ASU 2016-13 | 281 | 291 |
Total | ||
Recorded Investment, after ASU 2016-13 | 281 | 291 |
Unpaid Principle Balance, after ASU 2016-13 | 281 | 291 |
Consumer real estate secured by 1-4 family residential | ||
With no related allowance recorded | ||
Recorded Investment, after ASU 2016-13 | 259 | 265 |
Unpaid Principle Balance, after ASU 2016-13 | 259 | 265 |
Total | ||
Recorded Investment, after ASU 2016-13 | 259 | 265 |
Unpaid Principle Balance, after ASU 2016-13 | 259 | 265 |
Consumer real estate secured by 1-4 family residential | First deed of trust | ||
With no related allowance recorded | ||
Recorded Investment, after ASU 2016-13 | 159 | 160 |
Unpaid Principle Balance, after ASU 2016-13 | 159 | 160 |
Total | ||
Recorded Investment, after ASU 2016-13 | 159 | 160 |
Unpaid Principle Balance, after ASU 2016-13 | 159 | 160 |
Consumer real estate secured by 1-4 family residential | Second deed of trust | ||
With no related allowance recorded | ||
Recorded Investment, after ASU 2016-13 | 100 | 105 |
Unpaid Principle Balance, after ASU 2016-13 | 100 | 105 |
Total | ||
Recorded Investment, after ASU 2016-13 | 100 | 105 |
Unpaid Principle Balance, after ASU 2016-13 | 100 | 105 |
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | ||
With no related allowance recorded | ||
Recorded Investment, after ASU 2016-13 | 22 | 26 |
Unpaid Principle Balance, after ASU 2016-13 | 22 | 26 |
Total | ||
Recorded Investment, after ASU 2016-13 | 22 | 26 |
Unpaid Principle Balance, after ASU 2016-13 | $ 22 | $ 26 |
Loans and allowance for loan _7
Loans and allowance for loan losses - Average recorded investment in impaired loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | $ 286 | $ 5,898 |
Interest Income Recognized, after ASU 2016-13 | 7 | 26 |
With an allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 301 | |
Total | ||
Average Recorded Investment, after ASU 2016-13 | 286 | 6,199 |
Interest Income Recognized, after ASU 2016-13 | 7 | 26 |
Consumer and other | ||
With an allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 16 | |
Commercial real estate | ||
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 3,964 | |
Interest Income Recognized, after ASU 2016-13 | 16 | |
With an allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 191 | |
Total | ||
Average Recorded Investment, after ASU 2016-13 | 4,155 | |
Interest Income Recognized, after ASU 2016-13 | 16 | |
Commercial real estate | Owner occupied | ||
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 3,468 | |
Interest Income Recognized, after ASU 2016-13 | 16 | |
With an allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 191 | |
Total | ||
Average Recorded Investment, after ASU 2016-13 | 3,659 | |
Interest Income Recognized, after ASU 2016-13 | 16 | |
Commercial real estate | Non-owner occupied | ||
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 496 | |
Total | ||
Average Recorded Investment, after ASU 2016-13 | 496 | |
Commercial real estate | Home equity lines | ||
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 300 | |
Interest Income Recognized, after ASU 2016-13 | 6 | |
Consumer real estate secured by 1-4 family residential | ||
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 263 | 1,880 |
Interest Income Recognized, after ASU 2016-13 | 7 | 9 |
With an allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 94 | |
Total | ||
Average Recorded Investment, after ASU 2016-13 | 263 | 1,974 |
Interest Income Recognized, after ASU 2016-13 | 7 | 9 |
Consumer real estate secured by 1-4 family residential | Home equity lines | ||
Total | ||
Average Recorded Investment, after ASU 2016-13 | 300 | |
Interest Income Recognized, after ASU 2016-13 | 6 | |
Consumer real estate secured by 1-4 family residential | First deed of trust | ||
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 160 | 1,394 |
Interest Income Recognized, after ASU 2016-13 | 2 | 2 |
With an allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 86 | |
Total | ||
Average Recorded Investment, after ASU 2016-13 | 160 | 1,480 |
Interest Income Recognized, after ASU 2016-13 | 2 | 2 |
Consumer real estate secured by 1-4 family residential | Second deed of trust | ||
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 103 | 186 |
Interest Income Recognized, after ASU 2016-13 | 5 | 1 |
With an allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 8 | |
Total | ||
Average Recorded Investment, after ASU 2016-13 | 103 | 194 |
Interest Income Recognized, after ASU 2016-13 | 5 | 1 |
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | ||
With no related allowance recorded | ||
Average Recorded Investment, after ASU 2016-13 | 23 | 54 |
Interest Income Recognized, after ASU 2016-13 | 1 | |
Total | ||
Average Recorded Investment, after ASU 2016-13 | $ 23 | 54 |
Interest Income Recognized, after ASU 2016-13 | 1 | |
Consumer and other | ||
Total | ||
Average Recorded Investment, after ASU 2016-13 | $ 16 |
Loans and allowance for credit
Loans and allowance for credit losses - Allowance for credit losses on loans losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 3,423 | $ 3,370 | $ 3,370 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3,423 | 3,370 | 3,370 |
Impact of adoption ASC 326 | (127) | ||
Provision for (Recovery of) Credit Losses | (21) | ||
Charge-offs | (6) | (33) | |
Recoveries | 20 | 192 | |
Ending Balance | 3,574 | 3,270 | 3,423 |
Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for (Recovery of) Credit Losses | 137 | ||
Construction and land development | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 314 | 271 | 271 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 314 | 271 | 271 |
Impact of adoption ASC 326 | 37 | ||
Provision for (Recovery of) Credit Losses | 7 | (6) | |
Ending Balance | 259 | 315 | 314 |
Construction and land development | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 37 | ||
Provision for (Recovery of) Credit Losses | (55) | ||
Construction and land development | Residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 86 | 79 | 79 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 86 | 79 | 79 |
Impact of adoption ASC 326 | 3 | ||
Provision for (Recovery of) Credit Losses | (31) | (4) | |
Ending Balance | 57 | 51 | 86 |
Construction and land development | Residential | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 3 | ||
Provision for (Recovery of) Credit Losses | (29) | ||
Construction and land development | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 228 | 192 | 192 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 228 | 192 | 192 |
Impact of adoption ASC 326 | 34 | ||
Provision for (Recovery of) Credit Losses | 38 | (2) | |
Ending Balance | 202 | 264 | 228 |
Construction and land development | Commercial | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 34 | ||
Provision for (Recovery of) Credit Losses | (26) | ||
Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 1,923 | 2,189 | 2,189 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,923 | 2,189 | 2,189 |
Impact of adoption ASC 326 | (276) | ||
Provision for (Recovery of) Credit Losses | (22) | (10) | |
Ending Balance | 2,119 | 1,891 | 1,923 |
Commercial real estate | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | (276) | ||
Provision for (Recovery of) Credit Losses | 196 | ||
Commercial real estate | Owner occupied | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 409 | 867 | 867 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 409 | 867 | 867 |
Impact of adoption ASC 326 | (475) | ||
Provision for (Recovery of) Credit Losses | (1) | (17) | |
Ending Balance | 437 | 391 | 409 |
Commercial real estate | Owner occupied | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | (475) | ||
Provision for (Recovery of) Credit Losses | 28 | ||
Commercial real estate | Non-owner occupied | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 1,467 | 1,289 | 1,289 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,467 | 1,289 | 1,289 |
Impact of adoption ASC 326 | 192 | ||
Provision for (Recovery of) Credit Losses | (21) | 14 | |
Ending Balance | 1,596 | 1,460 | 1,467 |
Commercial real estate | Non-owner occupied | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 192 | ||
Provision for (Recovery of) Credit Losses | 129 | ||
Commercial real estate | Multifamily | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 44 | 33 | 33 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 44 | 33 | 33 |
Impact of adoption ASC 326 | 7 | ||
Provision for (Recovery of) Credit Losses | (4) | ||
Ending Balance | 86 | 40 | 44 |
Commercial real estate | Multifamily | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 7 | ||
Provision for (Recovery of) Credit Losses | 42 | ||
Commercial real estate | Farmland | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 3 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3 | ||
Provision for (Recovery of) Credit Losses | (3) | ||
Ending Balance | 3 | ||
Commercial real estate | Farmland | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for (Recovery of) Credit Losses | (3) | ||
Consumer real estate secured by 1-4 family residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 432 | 185 | 185 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 432 | 185 | 185 |
Impact of adoption ASC 326 | 125 | ||
Provision for (Recovery of) Credit Losses | 9 | (103) | |
Recoveries | 16 | 3 | 19 |
Ending Balance | 428 | 322 | 432 |
Consumer real estate secured by 1-4 family residential | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 125 | ||
Provision for (Recovery of) Credit Losses | (20) | ||
Consumer real estate secured by 1-4 family residential | Home equity lines | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 40 | 11 | 11 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 40 | 11 | 11 |
Impact of adoption ASC 326 | 24 | ||
Provision for (Recovery of) Credit Losses | (2) | (5) | |
Recoveries | 10 | ||
Ending Balance | 32 | 33 | 40 |
Consumer real estate secured by 1-4 family residential | Home equity lines | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 24 | ||
Provision for (Recovery of) Credit Losses | (18) | ||
Consumer real estate secured by 1-4 family residential | First deed of trust | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 293 | 131 | 131 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 293 | 131 | 131 |
Impact of adoption ASC 326 | 76 | ||
Provision for (Recovery of) Credit Losses | 6 | (83) | |
Recoveries | 1 | 1 | 3 |
Ending Balance | 298 | 214 | 293 |
Consumer real estate secured by 1-4 family residential | First deed of trust | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 76 | ||
Provision for (Recovery of) Credit Losses | 4 | ||
Consumer real estate secured by 1-4 family residential | Second deed of trust | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 99 | 43 | 43 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 99 | 43 | 43 |
Impact of adoption ASC 326 | 25 | ||
Provision for (Recovery of) Credit Losses | 5 | (15) | |
Recoveries | 5 | 2 | 16 |
Ending Balance | 98 | 75 | 99 |
Consumer real estate secured by 1-4 family residential | Second deed of trust | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 25 | ||
Provision for (Recovery of) Credit Losses | (6) | ||
Consumer real estate secured by 1-4 family residential | Consumer Other and Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 57 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 57 | ||
Ending Balance | 57 | ||
Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 3,370 | 3,370 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3,370 | 3,370 | |
Provision for (Recovery of) Credit Losses | 23 | ||
Charge-offs | (3) | ||
Recoveries | 9 | ||
Ending Balance | 3,272 | ||
Commercial and industrial loans | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | (127) | ||
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 640 | 576 | 576 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 640 | 576 | 576 |
Impact of adoption ASC 326 | 1 | ||
Provision for (Recovery of) Credit Losses | (34) | 110 | |
Recoveries | 4 | 6 | 173 |
Ending Balance | 666 | 549 | 640 |
Commercial and industrial loans | Commercial and industrial loans (except those secured by real estate) | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | 1 | ||
Provision for (Recovery of) Credit Losses | 22 | ||
Commercial and industrial loans | Student loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 57 | 52 | 52 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 57 | 52 | 52 |
Provision for (Recovery of) Credit Losses | 63 | (35) | |
Charge-offs | (6) | (3) | (30) |
Ending Balance | 55 | 112 | 57 |
Commercial and industrial loans | Student loans | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for (Recovery of) Credit Losses | 4 | ||
Commercial and industrial loans | Consumer Other and Unallocated [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Ending Balance | 47 | ||
Commercial and industrial loans | Consumer and other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 36 | 37 | 37 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 36 | 37 | 37 |
Impact of adoption ASC 326 | (5) | ||
Provision for (Recovery of) Credit Losses | 2 | (7) | |
Charge-offs | (3) | ||
Ending Balance | 36 | 34 | 36 |
Commercial and industrial loans | Consumer and other | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | (5) | ||
Commercial and industrial loans | Unallocated | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 21 | 60 | 60 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 21 | 60 | 60 |
Impact of adoption ASC 326 | (9) | ||
Provision for (Recovery of) Credit Losses | (2) | 30 | |
Ending Balance | 11 | 49 | $ 21 |
Commercial and industrial loans | Unallocated | Adoption of ASC 326 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Impact of adoption ASC 326 | $ (9) | ||
Provision for (Recovery of) Credit Losses | $ (10) |
Loans and allowance for loan _8
Loans and allowance for loan losses - Provision for credit losses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Provision for Loan, Lease, and Other Losses [Abstract] | ||
Provision (recovery) for loans | $ 136,700 | $ 23,000 |
Provision (recovery) for unfunded commitments | 13,300 | $ (23,000) |
Total | $ 150,000 |
Loans and allowance For loan _9
Loans and allowance For loan losses - Loans evaluated for credit losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | $ 3,574 | $ 3,423 | $ 3,270 | $ 3,370 | |
Allowance Ending Balance | 3,574 | 3,423 | 3,270 | 3,370 | |
Allowance Collectively Evaluated for Impairment | 3,423 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 3,574 | ||||
Total loans | 591,338 | 575,008 | $ 591,338 | ||
Loans Individually Evaluated For Impairment, after ASU 2016-13 | 281 | 291 | |||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 591,057 | 574,717 | |||
Construction and land development | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 259 | 314 | 259 | 315 | 271 |
Allowance Ending Balance | 259 | 314 | 259 | 315 | 271 |
Allowance Collectively Evaluated for Impairment | 314 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 259 | ||||
Total loans | 43,514 | 47,495 | 43,514 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 47,495 | 43,514 | |||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 2,119 | 1,923 | 2,119 | 1,891 | 2,189 |
Allowance Ending Balance | 2,119 | 1,923 | 2,119 | 1,891 | 2,189 |
Allowance Collectively Evaluated for Impairment | 1,923 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 2,119 | ||||
Total loans | 305,215 | 290,590 | 305,215 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 290,590 | 305,215 | |||
Consumer real estate secured by 1-4 family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 428 | 432 | 428 | 322 | 185 |
Allowance Ending Balance | 428 | 432 | 428 | 322 | 185 |
Allowance Collectively Evaluated for Impairment | 432 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 428 | ||||
Total loans | 129,631 | 128,532 | 129,631 | ||
Loans Individually Evaluated For Impairment, after ASU 2016-13 | 265 | 259 | |||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 128,267 | 129,372 | |||
Commercial and industrial loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 3,272 | 3,370 | |||
Allowance Ending Balance | 3,272 | 3,370 | |||
Residential | Construction and land development | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 57 | 86 | 51 | 79 | |
Allowance Ending Balance | 57 | 86 | 51 | 79 | |
Allowance Collectively Evaluated for Impairment | 86 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 57 | ||||
Total loans | 9,077 | 10,471 | 9,077 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 9,077 | 10,471 | |||
Commercial | Construction and land development | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 202 | 228 | 264 | 192 | |
Allowance Ending Balance | 202 | 228 | 264 | 192 | |
Allowance Collectively Evaluated for Impairment | 228 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 202 | ||||
Total loans | 34,437 | 37,024 | 34,437 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 34,437 | 37,024 | |||
Owner occupied | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 437 | 409 | 391 | 867 | |
Allowance Ending Balance | 437 | 409 | 391 | 867 | |
Allowance Collectively Evaluated for Impairment | 409 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 437 | ||||
Total loans | 121,429 | 122,666 | 121,429 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 121,429 | 122,666 | |||
Non-owner occupied | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 1,596 | 1,467 | 1,460 | 1,289 | |
Allowance Ending Balance | 1,596 | 1,467 | 1,460 | 1,289 | |
Allowance Collectively Evaluated for Impairment | 1,467 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 1,596 | ||||
Total loans | 165,508 | 154,855 | 165,508 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 165,508 | 154,855 | |||
Multifamily | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 86 | 44 | 40 | 33 | |
Allowance Ending Balance | 86 | 44 | 40 | 33 | |
Allowance Collectively Evaluated for Impairment | 44 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 86 | ||||
Total loans | 18,254 | 12,743 | 18,254 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 18,254 | 12,743 | |||
Farmland | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 3 | ||||
Allowance Ending Balance | 3 | ||||
Allowance Collectively Evaluated for Impairment | 3 | ||||
Total loans | 24 | 326 | 24 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 24 | 326 | |||
Home equity lines | Consumer real estate secured by 1-4 family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 32 | 40 | 33 | 11 | |
Allowance Ending Balance | 32 | 40 | 33 | 11 | |
Allowance Collectively Evaluated for Impairment | 40 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 32 | ||||
Total loans | 21,682 | 21,557 | 21,682 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 21,682 | 21,557 | |||
First deed of trust | Consumer real estate secured by 1-4 family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 298 | 293 | 214 | 131 | |
Allowance Ending Balance | 298 | 293 | 214 | 131 | |
Allowance Collectively Evaluated for Impairment | 293 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 298 | ||||
Total loans | 95,994 | 95,638 | 95,994 | ||
Loans Individually Evaluated For Impairment, after ASU 2016-13 | 159 | 160 | |||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 95,835 | 95,478 | |||
Second deed of trust | Consumer real estate secured by 1-4 family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 98 | 99 | 75 | 43 | |
Allowance Ending Balance | 98 | 99 | 75 | 43 | |
Allowance Collectively Evaluated for Impairment | 99 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 98 | ||||
Total loans | 11,955 | 11,337 | 11,955 | ||
Loans Individually Evaluated For Impairment, after ASU 2016-13 | 100 | 105 | |||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 11,855 | 11,232 | |||
Commercial and industrial loans (except those secured by real estate) | Commercial and industrial loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 666 | 640 | 549 | 576 | |
Allowance Ending Balance | 666 | 640 | 549 | 576 | |
Allowance Collectively Evaluated for Impairment | 640 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 666 | ||||
Total loans | 92,600 | 86,203 | 92,600 | ||
Loans Individually Evaluated For Impairment, after ASU 2016-13 | 22 | 26 | |||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 92,578 | 86,177 | |||
Consumer Other and Unallocated [Member] | Consumer real estate secured by 1-4 family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 57 | ||||
Allowance Ending Balance | 57 | ||||
Allowance Collectively Evaluated for Impairment | 57 | ||||
Total loans | 4,265 | ||||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 4,265 | ||||
Consumer Other and Unallocated [Member] | Commercial and industrial loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 47 | ||||
Allowance Ending Balance | 47 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 47 | ||||
Total loans | 4,596 | ||||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 4,596 | ||||
Guaranteed student loans | Commercial and industrial loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 55 | 57 | 112 | 52 | |
Allowance Ending Balance | 55 | 57 | 112 | 52 | |
Allowance Collectively Evaluated for Impairment | 57 | ||||
Allowance Collectively Evaluated For Impairment, after ASU 2016-13 | 55 | ||||
Total loans | 15,782 | 17,923 | 15,782 | ||
Loans Collectively Evaluated For Impairment, after ASU 2016-13 | 15,782 | 17,923 | |||
Consumer and other | Commercial and industrial loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Allowance for credit losses | 36 | 36 | 34 | 37 | |
Allowance Ending Balance | 36 | 36 | $ 34 | $ 37 | |
Total loans | $ 4,596 | $ 4,265 | $ 4,596 |
Loans and allowance for loan_10
Loans and allowance for loan losses - Additional information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for credit losses, after ASU 2016-13 | $ 150,000 | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 3,574,000 | $ 3,270,000 | $ 3,423,000 | $ 3,370,000 |
Total Allowance for credit losses | 3,890,000 | 3,530,000 | ||
Total Allowance for credit losses | 3,574,000 | 3,270,000 | 3,423,000 | $ 3,370,000 |
Allowance for credit losses on unfunded credit exposure | 320,000 | 254,000 | ||
Interest on non accrual loans | 7,000 | |||
Provision for credit losses for loans | $ 136,700 | $ 23,000 | ||
Loan growth being offset by improved credit metrics as non-performing loans as a percentage of loans | 0.05% | 0.12% | ||
Recovery for credit losses for unfunded commitments | $ 13,300 | $ (23,000) | ||
Allowance for credit losses on loans to total loans ratio | 0.60 | |||
Peer average allowance for credit losses on loans to total loans ratio | 1.11 | |||
Asset Pledged as Collateral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans pledged as collateral | $ 54,800,000 | $ 35,500,000 | ||
Guaranteed student loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage Of Recovery Loss On Portfolio From Historical Experience | 98% |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposit Liability [Line Items] | ||
Demand accounts | $ 230,118 | $ 247,624 |
Interest checking accounts | 78,739 | 76,289 |
Money market accounts | 207,640 | 195,249 |
Savings accounts | 35,238 | 39,633 |
Other time deposits | 37,179 | 37,405 |
Total | $ 620,269 | $ 605,345 |
Percentage of individual deposits to deposit liability | ||
Demand accounts (in hundredths) | 37.10% | 40.90% |
Interest checking accounts (in hundredths) | 12.70% | 12.60% |
Money market accounts (in hundredths) | 33.50% | 32.30% |
Savings account (in hundredths) | 5.70% | 6.50% |
Time deposits of $250,000 and over (in hundredths) | 5% | 1.50% |
Other time deposits (in hundredths) | 6% | 6.20% |
Total (in hundredths) | 100% | 100% |
Geographic Distribution, Domestic [Member] | ||
Deposit Liability [Line Items] | ||
Time deposits of $250,000 and over | $ 31,355 | $ 9,145 |
Borrowings - (Details)
Borrowings - (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank Stock | $ 2,414,000 | $ 2,644,000 |
Long-term Federal Home Loan Bank Advances | 40,000,000 | 45,000,000 |
Borrowings | 0 | $ 0 |
Lines of credit for future borrowings | 26,100,000 | |
FHLB advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Lines of credit for future borrowings | 3,300,000 | |
Revolving Credit Facility [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Lines of credit for future borrowings | 20,000,000 | |
Secured Debt [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Lines of credit for future borrowings | $ 2,800,000 |
Trust preferred securities (Det
Trust preferred securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 20, 2007 | Feb. 24, 2005 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||
Trust preferred capital notes | $ 8,764 | $ 8,764 | ||
Percent of spread adjustment for replacement of variable interest rate | 0.26161% | |||
Percentage of Tier one risk based capital required for capital adequacy (in hundredths) | 25% | |||
Southern Community Financial Capital Trust I [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Issuance Date | Feb. 24, 2005 | |||
Trust preferred capital notes | $ 5,200 | |||
Interest rate (in hundredths) | 7.71% | |||
Maturity date | Mar. 15, 2035 | |||
Principal assets of the trust | $ 5,200 | |||
Southern Community Financial Capital Trust I [Member] | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | |||
Village Financial Statutory Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Issuance Date | Sep. 20, 2007 | |||
Trust preferred capital notes | $ 3,600 | |||
Interest rate (in hundredths) | 6.96% | |||
Principal assets of the trust | $ 3,600 | |||
Village Financial Statutory Trust II [Member] | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% |
Subordinated Debt (Details)
Subordinated Debt (Details) - USD ($) | 3 Months Ended | ||
Mar. 21, 2018 | Mar. 31, 2024 | Dec. 31, 2023 | |
Proceeds from Issuance of Subordinated Long-term Debt | $ 5,539,000 | ||
Percent of spread adjustment for replacement of variable interest rate | 0.26161% | ||
Subordinated Debt. | $ 5,700,000 | $ 5,700,000 | |
Fixed-to-floating rate subordinated notes | |||
Debt Instrument, Face Amount | $ 5,700,000 | ||
Debt Instrument, Maturity Date | Mar. 31, 2028 | ||
Interest Rate During First Period, Duration | 5 years | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 9.05% | |
LIBOR | Fixed-to-floating rate subordinated notes | |||
Debt Instrument, Basis Spread on Variable Rate | 3.73% |
Stock incentive plans - Options
Stock incentive plans - Options outstanding under company's stock incentive plan (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Options | ||
Options outstanding, beginning of period | 0 | 14 |
Granted | 0 | 0 |
Forfeited | 0 | 0 |
Exercised | 0 | 0 |
Options outstanding, end of period | 0 | 14 |
Options exercisable, end of period | 0 | 14 |
Weighted Average Exercise Price | ||
Options outstanding, beginning of period | $ 0 | $ 25.63 |
Granted | 0 | 0 |
Forfeited | 0 | 0 |
Exercised | 0 | 0 |
Options outstanding, end of period | 0 | 25.28 |
Fair Value Per Share | ||
Options outstanding, beginning of period | 0 | 9.76 |
Granted | 0 | 0 |
Forfeited | 0 | 0 |
Exercised | 0 | 0 |
Options outstanding, end of period | $ 0 | $ 9.76 |
Intrinsic Value Options outstanding | $ 0 | $ 0 |
Stock incentive plans - Non ves
Stock incentive plans - Non vested restricted stock award (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ending Balance | shares | 10,252 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance | shares | 31,077 |
Shares, Vested | shares | (4,179) |
Shares, Forfeited | shares | 0 |
Shares, Other | shares | (787) |
Ending Balance | shares | 26,111 |
Weighted-Average Grant-Date Fair-Value, Beginning Balance | $ / shares | $ 45.93 |
Weighted-Average Grant-Date Fair-Value, Granted | $ / shares | 0 |
Weighted-Average Grant-Date Fair-Value, Vested | $ / shares | 52.32 |
Weighted-Average Grant-Date Fair-Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Other | $ / shares | 58.95 |
Weighted-Average Grant-Date Fair-Value, Ending Balance | $ / shares | $ 44.52 |
Aggregate Intrinsic Value, Beginning Balance | $ | $ 1,320,773 |
Aggregate Intrinsic Value, Granted | $ | 0 |
Aggregate Intrinsic Value, Vested | $ | (177,608) |
Aggregate Intrinsic Value, Forfeited | $ | 0 |
Aggregate Intrinsic Value, Other | $ | (33,448) |
Aggregate Intrinsic Value, Ending Balance | $ | $ 1,109,718 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested restricted stock | 10,252 | 10,658 | ||
Time-based unrecognized compensation, weighted average period | 2 years 10 days | |||
Allocated stock-based compensation expense | $ 81,000 | $ 102,000 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested restricted stock | 26,111 | 26,152 | 31,077 | |
Unamortized stock-based compensation related to non-vested share-based compensation | $ 782,000 | $ 883,400 | ||
Shares, Forfeited | 0 | |||
Performance Based Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Time-based restricted shares vesting period | 3 years | |||
Time Based Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock-based compensation related to non-vested share-based compensation | $ 558,200 |
Fair value - Recurring and non
Fair value - Recurring and non recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for sale | $ 7,000 | $ 5,000 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for sale | $ 7,019 | $ 4,983 | ||
IRLC | 293 | 271 | ||
Forward sales commitment | $ 42 | $ 506 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
U.S. Government Agencies | 678 | 20,615 | ||
Mortgage-backed securities | 69,907 | 72,537 | ||
Municipals | 1,652 | 1,656 | ||
Subordinated debt | 10,047 | 10,277 | ||
Loans held for sale | 7,019 | 4,983 | ||
IRLC | 293 | 271 | ||
Forward sales commitment | 42 | 506 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Subordinated debt | 500 | 500 | ||
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
U.S. Government Agencies | 678 | 20,615 | ||
Mortgage-backed securities | 69,907 | 72,537 | ||
Municipals | 1,652 | 1,656 | ||
Subordinated debt | 10,547 | 10,777 | ||
Loans held for sale | 7,019 | 4,983 | ||
IRLC | 293 | 271 | ||
Forward sales commitment | $ 42 | $ 506 |
Fair value - Carrying amounts a
Fair value - Carrying amounts and estimated fair value of the company's (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets | ||||
Investment securities available for sale, at fair value | $ 82,784 | $ 105,585 | ||
Loans held for sale | $ 7,000 | $ 5,000 | ||
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||||
Financial assets | ||||
Cash | $ 13,073 | $ 10,383 | ||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Financial assets | ||||
Cash | 13,073 | 10,383 | ||
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||||
Financial assets | ||||
Cash equivalents | 19,323 | 7,331 | ||
Investment securities available for sale, at fair value | 82,284 | 105,085 | ||
Federal Home Loan Bank stock | 2,644 | 2,644 | ||
Loans held for sale | 7,019 | 4,983 | ||
Bank owned life insurance | 13,198 | 13,120 | ||
Accrued interest receivable | 3,531 | 3,827 | ||
Interest rate lock commitments | 293 | 271 | ||
Financial liabilities | ||||
Deposits | 620,269 | 605,345 | ||
FHLB borrowings | 40,000 | 45,000 | ||
Trust preferred securities | 8,764 | 8,764 | ||
Other borrowings | 5,700 | 5,700 | ||
Accrued interest payable | 406 | 210 | ||
Forward sales commitment | 42 | 506 | ||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Financial assets | ||||
Cash equivalents | 19,323 | 7,331 | ||
Investment securities available for sale, at fair value | 82,284 | 105,085 | ||
Federal Home Loan Bank stock | 2,644 | 2,644 | ||
Loans held for sale | 7,019 | 4,983 | ||
Bank owned life insurance | 13,198 | 13,120 | ||
Accrued interest receivable | 3,531 | 3,827 | ||
Interest rate lock commitments | 293 | 271 | ||
Financial liabilities | ||||
Deposits | 620,673 | 605,226 | ||
FHLB borrowings | 39,886 | 44,999 | ||
Trust preferred securities | 8,969 | 8,848 | ||
Other borrowings | 5,700 | 5,700 | ||
Accrued interest payable | 406 | 210 | ||
Forward sales commitment | 42 | 506 | ||
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||||
Financial assets | ||||
Investment securities available for sale, at fair value | 500 | 500 | ||
Loans | 591,338 | 575,008 | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Financial assets | ||||
Investment securities available for sale, at fair value | 500 | 500 | ||
Loans | $ 567,741 | $ 547,935 |
Segment Reporting - Segment inf
Segment Reporting - Segment information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | segment | 2 | ||
Revenues | |||
Interest income | $ 9,335 | $ 7,583 | |
Mortgage banking income, net | 850 | 478 | |
Other revenues | 754 | 821 | |
Total revenues | 10,939 | 8,882 | |
Expenses | |||
Provision for credit losses | 150 | ||
Interest expense | 2,939 | 1,218 | |
Salaries and benefits | 3,464 | 3,448 | |
Other expenses | 2,165 | 2,351 | |
Total operating expenses | 8,718 | 7,017 | |
Income (loss) before income taxes | 2,221 | 1,865 | |
Income tax expense (benefit) | 449 | 325 | |
Net income (loss) | 1,772 | 1,540 | |
Total assets | 746,872 | 734,797 | $ 736,616 |
Eliminations [Member] | |||
Revenues | |||
Mortgage banking income, net | (59) | (60) | |
Other revenues | (41) | ||
Total revenues | (100) | (60) | |
Expenses | |||
Other expenses | (100) | (60) | |
Total operating expenses | (100) | (60) | |
Total assets | (25,910) | (32,483) | |
Commercial Banking | Operating Segments [Member] | |||
Revenues | |||
Interest income | 9,243 | 7,543 | |
Other revenues | 795 | 821 | |
Total revenues | 10,038 | 8,364 | |
Expenses | |||
Provision for credit losses | 150 | ||
Interest expense | 2,939 | 1,218 | |
Salaries and benefits | 2,785 | 2,742 | |
Other expenses | 2,030 | 2,137 | |
Total operating expenses | 7,904 | 6,097 | |
Income (loss) before income taxes | 2,134 | 2,267 | |
Income tax expense (benefit) | 431 | 409 | |
Net income (loss) | 1,703 | 1,858 | |
Total assets | 756,005 | 749,402 | |
Mortgage Banking | Operating Segments [Member] | |||
Revenues | |||
Interest income | 92 | 40 | |
Mortgage banking income, net | 909 | 538 | |
Total revenues | 1,001 | 578 | |
Expenses | |||
Salaries and benefits | 679 | 706 | |
Other expenses | 235 | 274 | |
Total operating expenses | 914 | 980 | |
Income (loss) before income taxes | 87 | (402) | |
Income tax expense (benefit) | 18 | (84) | |
Net income (loss) | 69 | (318) | |
Total assets | $ 16,777 | $ 17,878 |
Shareholders' Equity and Regu_3
Shareholders' Equity and Regulatory Matters - Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Shareholders' Equity and Regulatory Matters | ||
Total accumulated other comprehensive loss | $ (6,395) | $ (5,613) |
Shareholders' Equity and Regu_4
Shareholders' Equity and Regulatory Matters - Detailed AOCI Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accumulated other comprehensive loss, Beginning balance | $ (5,613) | ||
Other comprehensive income before reclassification - AFS | (782) | $ 1,482 | |
Other comprehensive income before reclassification - benefits | (2) | ||
Net current period other comprehensive income | (782) | 1,484 | |
Accumulated other comprehensive loss, Ending balance | (6,395) | $ (5,613) | |
Unrealized Losses on AFS Securities | |||
Accumulated other comprehensive loss, Beginning balance | (5,604) | (10,863) | (10,863) |
Other comprehensive income before reclassification - AFS | 1,320 | ||
Amounts reclassified from AOCI into earnings | 3,939 | ||
Net current period other comprehensive income | 5,259 | ||
Accumulated other comprehensive loss, Ending balance | (5,604) | ||
Defined Benefit Plan | |||
Accumulated other comprehensive loss, Beginning balance | (9) | (18) | (18) |
Other comprehensive income before reclassification - benefits | 9 | ||
Net current period other comprehensive income | 9 | ||
Accumulated other comprehensive loss, Ending balance | (9) | (9) | |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated other comprehensive loss, Beginning balance | (5,613) | $ (10,881) | (10,881) |
Other comprehensive income before reclassification - AFS and benefits | 1,329 | ||
Amounts reclassified from AOCI into earnings | (782) | 3,939 | |
Net current period other comprehensive income | (782) | 5,268 | |
Accumulated other comprehensive loss, Ending balance | (6,395) | (5,613) | |
Accumulated Other Comprehensive Income (Loss) | Unrealized Losses on AFS Securities | |||
Accumulated other comprehensive loss, Beginning balance | (5,604) | ||
Amounts reclassified from AOCI into earnings | (782) | ||
Net current period other comprehensive income | (782) | ||
Accumulated other comprehensive loss, Ending balance | $ (6,386) | $ (5,604) |
Shareholders' Equity and Regu_5
Shareholders' Equity and Regulatory Matters - Capital amounts and ratios (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Total capital (to risk- weighted assets) Village Bank, Ratio | ||
For Capital Adequacy Purposes (in percentage) | 0.080 | |
To be Well Capitalized (in percentage) | 0.100 | |
Tier 1 capital (to risk-capital to average assets), Ratio | ||
For Capital Adequacy Purposes (in percentage) | 0.060 | |
To be Well Capitalized (in percentage) | 0.080 | |
Leverage ratio (Tier 1 capital to average assets), Ratio | ||
For Capital Adequacy Purposes (in percentage) | 0.040 | |
To be Well Capitalized (in percentage) | 0.050 | |
Common equity (Tier 1 risk based capital to risk weighted assets), Ratio | ||
To Be Well Capitalized (in percentage) | 0.065 | |
Common equity tier one risk based capital ratio capital adequacy minimum | 0.045 | |
Capital conservation buffer common equity tier one risk based capital actual | 0.025 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.060 | |
Capital conservation buffer tier one risk based capital actual | 0.025 | |
Capital required for capital adequacy to risk weighted assets | 0.080 | |
Capital conservation buffer total risk based capital actual | 0.025 | |
Maximum | ||
Total capital (to risk- weighted assets) Village Bank, Ratio | ||
For Capital Adequacy Purposes (in percentage) | 0.080 | |
Capital Required For Capital Adequacy To Risk Weighted Assets Including Conservation Buffer (in percentage) | 0.105 | |
Common equity (Tier 1 risk based capital to risk weighted assets), Ratio | ||
Banking Regulation Common Equity Tier One Risk Based Capital Ratio Capital Adequacy Minimum Including Conservation Buffer (in percentage) | 0.07 | |
Capital required for capital adequacy to risk weighted assets | 0.080 | |
Minimum | ||
Tier 1 capital (to risk-capital to average assets), Ratio | ||
For Capital Adequacy Purposes (in percentage) | 0.060 | |
Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Including Conservation Buffer (in percentage) | 0.085 | |
Common equity (Tier 1 risk based capital to risk weighted assets), Ratio | ||
Common equity tier one risk based capital ratio capital adequacy minimum | 0.045 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.060 | |
Subsidiaries [Member] | ||
Total capital (to risk- weighted assets) Village Bank, Amount | ||
Actual Amount | $ 88,249 | $ 86,493 |
Capital Required For Capital Adequacy Including Conservation Buffer | 65,568 | 62,679 |
To be Well Capitalized Amount | $ 62,446 | $ 59,695 |
Total capital (to risk- weighted assets) Village Bank, Ratio | ||
Actual Ratio (in percentage) | 0.1413 | 0.1449 |
Capital Required For Capital Adequacy To Risk Weighted Assets Including Conservation Buffer (in percentage) | 0.1050 | 0.1050 |
To be Well Capitalized (in percentage) | 0.1000 | 0.1000 |
Tier 1 capital (to risk- weighted assets) Village Bank, Amount | ||
Actual Amount | $ 84,355 | $ 82,764 |
Tier One Risk Based Capital Required For Capital Adequacy Including Conservation Buffer | 53,079 | 50,740 |
To be Well Capitalized Amount | $ 49,957 | $ 47,756 |
Tier 1 capital (to risk-capital to average assets), Ratio | ||
Actual Ratio (in percentage) | 0.1351 | 0.1386 |
Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Including Conservation Buffer (in percentage) | 0.0850 | 0.0850 |
To be Well Capitalized (in percentage) | 0.0800 | 0.0800 |
Leverage ratio (Tier 1 capital to average assets), Amount | ||
Actual Amount | $ 84,355 | $ 82,764 |
Tier One Leverage Capital Required For Capital Adequacy Including Conservation Buffer | 29,698 | 29,706 |
To be Well Capitalized Amount | $ 37,122 | $ 37,133 |
Leverage ratio (Tier 1 capital to average assets), Ratio | ||
Actual Ratio (in percentage) | 0.1136 | 0.1114 |
For Capital Adequacy Purposes (in percentage) | 0.0400 | 0.0400 |
To be Well Capitalized (in percentage) | 0.0500 | 0.0500 |
Common equity (Tier 1 risk based capital to risk weighted assets), Amount | ||
Actual Amount | $ 84,355 | $ 82,764 |
Common Equity Tier One Capital Required For Capital Adequacy Including Conservation Buffer | 43,712 | 41,786 |
To Be Well Capitalized Amount | $ 40,590 | $ 38,801 |
Common equity (Tier 1 risk based capital to risk weighted assets), Ratio | ||
Actual Ratio (in percentage) | 13.51% | 13.86% |
Banking Regulation Common Equity Tier One Risk Based Capital Ratio Capital Adequacy Minimum Including Conservation Buffer (in percentage) | 0.0700 | 0.0700 |
To Be Well Capitalized (in percentage) | 0.0650 | 0.0650 |
Shareholders' Equity and Regu_6
Shareholders' Equity and Regulatory Matters - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shareholders' Equity and Regulatory Matters | ||
Deferred tax benefits | $ (32) | $ 59 |
Commitments and contingencies_2
Commitments and contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total commitments to extend credit | $ 149,774 | $ 136,583 |
Standby letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total commitments to extend credit | 1,246 | 1,202 |
Undisbursed credit lines | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total commitments to extend credit | 137,230 | 127,918 |
Commitments to extend or originate credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total commitments to extend credit | $ 11,298 | $ 7,463 |
Mortgage Banking and Derivati_2
Mortgage Banking and Derivatives (Details) | Mar. 31, 2024 USD ($) position | Dec. 31, 2023 USD ($) position |
Participating Mortgage Loans [Line Items] | ||
Fair value of LHFS | $ 7,000,000 | $ 5,000,000 |
Unpaid principal balance | 6,900,000 | 4,800,000 |
Other Assets | ||
Participating Mortgage Loans [Line Items] | ||
Fair value of IRLC | 293,000 | 271,000 |
IRLC notional amount | $ 11,300,000 | $ 7,500,000 |
IRLC total positions | position | 36 | 27 |
Other Liabilities | ||
Participating Mortgage Loans [Line Items] | ||
IRLC notional amount | $ 18,200,000 | $ 12,300,000 |
Fair value of forward sales commitments | $ 42,000 | $ 506,000 |
Forward sales commitments total positions | position | 58 | 47 |
Document Information
Document Information | 3 Months Ended |
Mar. 31, 2024 | |
Document Information: | |
Document Type | 10-Q |
Amendment | false |
CIK | 0001290476 |
Registrant Name | Village Bank & Trust Financial Corp. |
Period End Date | Mar. 31, 2024 |