Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Central Index Key | 0001437479 | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | ENB Financial Corp | |
Entity Incorporation, State or Country Code | PA | |
Entity File Number | 000-53297 | |
Entity Tax Identification Number | 51-0661129 | |
Entity Address, Address Line One | 31 E. Main St. | |
Entity Address, City or Town | Ephrata | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17522-0457 | |
City Area Code | 717 | |
Local Phone Number | 733-4181 | |
Entity Information, Former Legal or Registered Name | N/A | |
Title of 12(b) Security | None | |
Trading Symbol | N/A | |
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 | 5,575,451 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
ASSETS | |||
Cash and due from banks | $ 16,100 | $ 21,665 | $ 19,979 |
Interest-bearing deposits in other banks | 62,720 | 73,274 | 24,347 |
Total cash and cash equivalents | 78,820 | 94,939 | 44,326 |
Securities available for sale (at fair value) | 561,587 | 476,428 | 360,029 |
Equity securities (at fair value) | 8,844 | 7,105 | 6,854 |
Loans held for sale | 3,174 | 3,029 | 5,008 |
Loans (net of unearned income) | 880,261 | 823,370 | 843,177 |
Less: Allowance for loan losses | 12,454 | 12,327 | 11,996 |
Net loans | 867,807 | 811,043 | 831,181 |
Premises and equipment | 24,507 | 24,760 | 24,696 |
Regulatory stock | 5,635 | 6,107 | 6,525 |
Bank owned life insurance | 35,200 | 29,646 | 29,418 |
Other assets | 12,478 | 9,256 | 8,964 |
Total assets | 1,598,052 | 1,462,313 | 1,317,001 |
Deposits: | |||
Noninterest-bearing | 591,333 | 534,853 | 465,247 |
Interest-bearing | 800,169 | 717,958 | 661,574 |
Total deposits | 1,391,502 | 1,252,811 | 1,126,821 |
Short-term borrowings | 1,500 | ||
Long-term debt | 46,706 | 54,790 | 60,010 |
Subordinated debt | 19,660 | 19,601 | |
Other liabilities | 3,967 | 4,895 | 3,362 |
Total liabilities | 1,461,835 | 1,332,097 | 1,191,693 |
Stockholders' equity: | |||
Common stock, par value $0.10 Shares: Authorized 24,000,000 Issued 5,739,114 and Outstanding 5,575,451 as of 9/30/21, 5,566,230 as of 12/31/20, and 5,566,413 as of 9/30/20 | 574 | 574 | 574 |
Capital surplus | 4,498 | 4,444 | 4,456 |
Retained earnings | 130,082 | 120,670 | 117,960 |
Accumulated other comprehensive income | 4,326 | 7,958 | 5,756 |
Less: Treasury stock cost on 163,663 shares as of 9/30/21, 172,884 as of 12/31/20, and 172,701 as of 9/30/20 | (3,263) | (3,430) | (3,438) |
Total stockholders' equity | 136,217 | 130,216 | 125,308 |
Total liabilities and stockholders' equity | $ 1,598,052 | $ 1,462,313 | $ 1,317,001 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.10 | $ 0.10 | $ 0.10 |
Common stock, authorized | 24,000,000 | 24,000,000 | 24,000,000 |
Common stock, issued | 5,739,114 | 5,739,114 | 5,739,114 |
Common stock, outstanding | 5,575,451 | 5,566,230 | 5,566,413 |
Treasury shares | 163,663 | 172,884 | 172,701 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 8,986 | $ 8,617 | $ 25,541 | $ 25,705 |
Interest on securities available for sale | ||||
Taxable | 1,301 | 920 | 3,611 | 3,207 |
Tax-exempt | 1,015 | 690 | 2,977 | 1,899 |
Interest on deposits at other banks | 17 | 31 | 59 | 112 |
Dividend income | 98 | 129 | 295 | 419 |
Total interest and dividend income | 11,417 | 10,387 | 32,483 | 31,342 |
Interest expense: | ||||
Interest on deposits | 278 | 430 | 877 | 1,782 |
Interest on borrowings | 511 | 415 | 1,569 | 1,333 |
Total interest expense | 789 | 845 | 2,446 | 3,115 |
Net interest income | 10,628 | 9,542 | 30,037 | 28,227 |
(Credit) provision for loan losses | (250) | 1,250 | 125 | 2,575 |
Net interest income after (credit) provision for loan losses | 10,878 | 8,292 | 29,912 | 25,652 |
Other income: | ||||
Trust and investment services income | 540 | 442 | 1,746 | 1,480 |
Service fees | 618 | 701 | 1,917 | 2,015 |
Commissions | 945 | 781 | 2,761 | 2,116 |
Gains on the sale of debt securities, net | 350 | 55 | 711 | 704 |
Gains (losses) on equity securities, net | 32 | (54) | 256 | (279) |
Gains on sale of mortgages | 1,206 | 2,081 | 4,381 | 4,312 |
Earnings on bank-owned life insurance | 218 | 209 | 636 | 620 |
Other income | 230 | 159 | 1,126 | 241 |
Total other income | 4,139 | 4,374 | 13,534 | 11,209 |
Operating expenses: | ||||
Salaries and employee benefits | 6,142 | 5,860 | 17,800 | 16,522 |
Occupancy | 654 | 598 | 1,972 | 1,805 |
Equipment | 255 | 298 | 806 | 904 |
Advertising & marketing | 282 | 184 | 717 | 676 |
Computer software & data processing | 1,097 | 835 | 3,297 | 2,309 |
Shares tax | 322 | 239 | 876 | 718 |
Professional services | 535 | 549 | 1,572 | 1,679 |
Other expense | 831 | 635 | 1,961 | 1,939 |
Total operating expenses | 10,118 | 9,198 | 29,001 | 26,552 |
Income before income taxes | 4,899 | 3,468 | 14,445 | 10,309 |
Provision for federal income taxes | 760 | 533 | 2,251 | 1,610 |
Net income | $ 4,139 | $ 2,935 | $ 12,194 | $ 8,699 |
Earnings per share of common stock | $ 0.74 | $ 0.53 | $ 2.19 | $ 1.56 |
Cash dividends paid per share | $ 0.17 | $ 0.16 | $ 0.50 | $ 0.48 |
Weighted average shares outstanding | 5,570,416 | 5,564,158 | 5,565,777 | 5,591,027 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,139 | $ 2,935 | $ 12,194 | $ 8,699 |
Securities available for sale not other-than-temporarily impaired: | ||||
Unrealized gains (losses) arising during the period | (3,492) | 1,616 | (3,884) | 5,962 |
Income tax effect | 733 | (339) | 814 | (1,250) |
Total | (2,759) | 1,277 | (3,070) | 4,712 |
Gains recognized in earnings | (350) | (55) | (711) | (704) |
Income tax effect | 73 | 12 | 149 | 148 |
Total | (277) | (43) | (562) | (556) |
Other comprehensive income (loss), net of tax | (3,036) | 1,234 | (3,632) | 4,156 |
Comprehensive Income | $ 1,103 | $ 4,169 | $ 8,562 | $ 12,855 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
Balance, beginning at Dec. 31, 2019 | $ 574 | $ 4,482 | $ 111,944 | $ 1,600 | $ (1,912) | $ 116,688 |
Net income | 2,165 | 2,165 | ||||
Other comprehensive loss net of tax | (497) | (497) | ||||
Treasury stock purchased | (1,098) | (1,098) | ||||
Treasury stock issued | (6) | 156 | 150 | |||
Cash dividends paid | (902) | (902) | ||||
Balance, ending at Mar. 31, 2020 | 574 | 4,476 | 113,207 | 1,103 | (2,854) | 116,506 |
Balance, beginning at Dec. 31, 2019 | 574 | 4,482 | 111,944 | 1,600 | (1,912) | 116,688 |
Net income | 8,699 | |||||
Balance, ending at Sep. 30, 2020 | 574 | 4,456 | 117,960 | 5,756 | (3,438) | 125,308 |
Balance, beginning at Mar. 31, 2020 | 574 | 4,476 | 113,207 | 1,103 | (2,854) | 116,506 |
Net income | 3,599 | 3,599 | ||||
Other comprehensive loss net of tax | 3,419 | 3,419 | ||||
Treasury stock purchased | (627) | (627) | ||||
Treasury stock issued | (10) | 167 | 157 | |||
Cash dividends paid | (892) | (892) | ||||
Balance, ending at Jun. 30, 2020 | 574 | 4,466 | 115,914 | 4,522 | (3,314) | 122,162 |
Net income | 2,935 | 2,935 | ||||
Other comprehensive loss net of tax | 1,234 | 1,234 | ||||
Treasury stock purchased | (304) | (304) | ||||
Treasury stock issued | (10) | 180 | 170 | |||
Cash dividends paid | (889) | (889) | ||||
Balance, ending at Sep. 30, 2020 | 574 | 4,456 | 117,960 | 5,756 | (3,438) | 125,308 |
Balance, beginning at Dec. 31, 2020 | 574 | 4,444 | 120,670 | 7,958 | (3,430) | 130,216 |
Net income | 4,504 | 4,504 | ||||
Other comprehensive loss net of tax | (5,034) | (5,034) | ||||
Treasury stock purchased | (149) | (149) | ||||
Treasury stock issued | 16 | 157 | 173 | |||
Cash dividends paid | (889) | (889) | ||||
Balance, ending at Mar. 31, 2021 | 574 | 4,460 | 124,285 | 2,924 | (3,422) | 128,821 |
Balance, beginning at Dec. 31, 2020 | 574 | 4,444 | 120,670 | 7,958 | (3,430) | 130,216 |
Net income | 12,194 | |||||
Balance, ending at Sep. 30, 2021 | 574 | 4,498 | 130,082 | 4,326 | (3,263) | 136,217 |
Balance, beginning at Mar. 31, 2021 | 574 | 4,460 | 124,285 | 2,924 | (3,422) | 128,821 |
Net income | 3,551 | 3,551 | ||||
Other comprehensive loss net of tax | 4,438 | 4,438 | ||||
Treasury stock purchased | (155) | (155) | ||||
Treasury stock issued | 20 | 211 | 231 | |||
Cash dividends paid | (945) | (945) | ||||
Balance, ending at Jun. 30, 2021 | 574 | 4,480 | 126,891 | 7,362 | (3,366) | 135,941 |
Net income | 4,139 | 4,139 | ||||
Other comprehensive loss net of tax | (3,036) | (3,036) | ||||
Treasury stock purchased | (68) | (68) | ||||
Treasury stock issued | 18 | 171 | 189 | |||
Cash dividends paid | (948) | (948) | ||||
Balance, ending at Sep. 30, 2021 | $ 574 | $ 4,498 | $ 130,082 | $ 4,326 | $ (3,263) | $ 136,217 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Treasury stock purchased, shares | 3,100 | 7,200 | 7,600 | 16,526 | 32,966 | 49,911 |
Treasury stock issued, shares | 8,574 | 10,611 | 7,936 | 9,050 | 8,354 | 7,670 |
Cash dividends paid, per share | $ 0.17 | $ 0.17 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 12,194 | $ 8,699 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization of securities premiums and discounts and loan fees | 2,851 | 2,173 |
Amortization of operating leases right-of-use assets | 60 | 134 |
Increase in interest receivable | (958) | (586) |
Decrease in interest payable | 146 | (162) |
Provision for loan losses | 125 | 2,575 |
Gains on the sale of debt securities, net | (711) | (704) |
(Gain) loss on equity securities, net | (256) | 279 |
Gains on sale of mortgages | (4,381) | (4,312) |
Loans originated for sale | (71,607) | (101,044) |
Proceeds from sales of loans | 75,843 | 102,690 |
Earnings on bank-owned life insurance | (636) | (620) |
Depreciation of premises and equipment and amortization of software | 1,164 | 1,137 |
Deferred income tax | 164 | (586) |
Amortization of deferred fees on subordinated debt | 59 | |
Other assets and other liabilities, net | (2,291) | (111) |
Net cash provided by operating activities | 11,766 | 9,562 |
Securities available for sale: | ||
Proceeds from maturities, calls, and repayments | 58,837 | 51,451 |
Proceeds from sales | 77,259 | 50,819 |
Purchases | (228,981) | (150,728) |
Equity securities | ||
Proceeds from sales | 460 | |
Purchases | (1,945) | (425) |
Purchase of regulatory bank stock | (524) | (1,225) |
Redemptions of regulatory bank stock | 996 | 1,991 |
Purchase of bank-owned life insurance | (4,918) | |
Net increase in loans | (55,899) | (89,270) |
Purchases of premises and equipment, net | (745) | (705) |
Purchase of computer software | (471) | (133) |
Net cash used for investing activities | (155,931) | (138,225) |
Cash flows from financing activities: | ||
Net increase in demand, NOW, and savings accounts | 141,428 | 165,296 |
Net decrease in time deposits | (2,737) | (12,563) |
Net increase in short-term borrowings | 1,300 | |
Proceeds from long-term debt | 12,984 | |
Repayments of long-term debt | (8,084) | (30,846) |
Dividends paid | (2,782) | (2,683) |
Proceeds from sale of treasury stock | 593 | 477 |
Treasury stock purchased | (372) | (2,029) |
Net cash provided by financing activities | 128,046 | 131,936 |
(Decrease) Increase in cash and cash equivalents | (16,119) | 3,273 |
Cash and cash equivalents at beginning of period | 94,939 | 41,053 |
Cash and cash equivalents at end of period | 78,820 | 44,326 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 2,300 | 3,277 |
Income taxes paid | 2,200 | 2,225 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Fair value adjustments for securities available for sale | 4,595 | (5,258) |
Recognition of lease operating right-of-use assets | 80 | |
Recognition of operating lease liabilities | $ 80 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and to general practices within the banking industry. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all significant adjustments considered necessary for fair presentation have been included. Certain items previously reported have been reclassified to conform to the current period’s reporting format. Such reclassifications did not affect net income or stockholders’ equity. ENB Financial Corp (“the Corporation”) is the bank holding company for its wholly-owned subsidiary Ephrata National Bank (the “Bank”). This Form 10-Q, for the third quarter of 2021, is reporting on the results of operations and financial condition of ENB Financial Corp on a consolidated basis. Operating results for the nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in ENB Financial Corp’s Annual Report on Form 10-K for the year ended December 31, 2020. Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with Accounting Standards Topic 606, Revenue from Contracts with Customers (Topic 606). The Corporation’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Corporation has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Corporation generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. |
Securities Available for Sale
Securities Available for Sale | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | 2. Securities Available for Sale The amortized cost, gross unrealized gains and losses, and fair value of securities held at September 30, 2021, and December 31, 2020, are as follows: Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ September 30, 2021 U.S. treasuries 4,981 17 - 4,998 U.S. government agencies 29,616 85 ( 420 ) 29,281 U.S. agency mortgage-backed securities 56,941 857 ( 336 ) 57,462 U.S. agency collateralized mortgage obligations 33,173 436 ( 16 ) 33,593 Asset-backed securities 100,722 868 ( 147 ) 101,443 Corporate bonds 84,264 854 ( 144 ) 84,974 Obligations of states and political subdivisions 246,413 5,127 ( 1,704 ) 249,836 Total securities available for sale 556,110 8,244 ( 2,767 ) 561,587 December 31, 2020 U.S. government agencies 54,224 144 (7 ) 54,361 U.S. agency mortgage-backed securities 69,777 1,441 (166 ) 71,052 U.S. agency collateralized mortgage obligations 34,449 640 (54 ) 35,035 Asset-backed securities 60,387 433 (345 ) 60,475 Corporate bonds 60,387 1,348 (12 ) 61,723 Obligations of states and political subdivisions 187,132 6,727 (77 ) 193,782 Total securities available for sale 466,356 10,733 (661 ) 476,428 The amortized cost and fair value of securities available for sale at September 30, 2021, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to certain call or prepayment provisions. CONTRACTUAL MATURITY OF DEBT SECURITIES (DOLLARS IN THOUSANDS) Amortized Cost Fair Value $ $ Due in one year or less 35,395 35,774 Due after one year through five years 102,504 104,210 Due after five years through ten years 139,182 139,739 Due after ten years 279,029 281,864 Total debt securities 556,110 561,587 Securities available for sale with a par value of $91,079,000 and $86,849,000 at September 30, 2021, and December 31, 2020, respectively, were pledged or restricted for public funds, borrowings, or other purposes as required by law. The fair value of these pledged securities was $94,538,000 at September 30, 2021, and $91,666,000 at December 31, 2020. 9 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements Proceeds from active sales of securities available for sale, along with the associated gross realized gains and gross realized losses, are shown below. Realized gains and losses are computed on the basis of specific identification. PROCEEDS FROM SALES OF SECURITIES AVAILABLE FOR SALE (DOLLARS IN THOUSANDS) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Proceeds from sales 17,957 7,001 77,259 50,819 Gross realized gains 369 64 791 730 Gross realized losses ( 19 ) (9 ) ( 80 ) (26) Management evaluates all of the Corporation’s securities for other-than-temporary impairment (OTTI) on a periodic basis. No securities in the portfolio had other-than-temporary impairment recorded in the first nine months of 2021 or 2020. Information pertaining to securities with gross unrealized losses at September 30, 2021, and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: TEMPORARY IMPAIRMENTS OF SECURITIES (DOLLARS IN THOUSANDS) Less than 12 months More than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses $ $ $ $ $ $ As of September 30, 2021 U.S. government agencies 23,985 ( 420 ) - - 23,985 ( 420 ) U.S. agency mortgage-backed securities 24,270 ( 310 ) 2,988 ( 26 ) 27,258 ( 336 ) U.S. agency collateralized mortgage obligations 3,243 ( 1 ) 3,569 ( 15 ) 6,812 ( 16 ) Asset-backed securities 27,718 ( 123 ) 4,919 ( 24 ) 32,637 ( 147 ) Corporate bonds 18,381 ( 144 ) - - 18,381 ( 144 ) Obligations of states & political subdivisions 97,126 ( 1,704 ) - - 97,126 ( 1,704 ) Total temporarily impaired securities 194,723 ( 2,702 ) 11,476 ( 65 ) 206,199 ( 2,767 ) As of December 31, 2020 U.S. government agencies 42,988 (7 ) - - 42,988 (7 ) U.S. agency mortgage-backed securities 15,995 (157 ) 2,221 (9 ) 18,216 (166 ) U.S. agency collateralized mortgage obligations 12,933 (54 ) - - 12,933 (54 ) Asset-backed securities 8,465 (20 ) 18,080 (325 ) 26,545 (345 ) Corporate bonds - - 3,016 (12 ) 3,016 (12 ) Obligations of states & political subdivisions 15,666 (77 ) - - 15,666 (77 ) Total temporarily impaired securities 96,047 (315 ) 23,317 (346 ) 119,364 (661 ) In the debt security portfolio there were 101 positions from 78 different issuers that were carrying unrealized losses as of September 30, 2021. There were no instruments considered to be other-than-temporarily impaired at September 30, 2021. 10 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The Corporation evaluates fixed maturity positions for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic and market concerns warrant such evaluation. U.S. generally accepted accounting principles provide for the bifurcation of OTTI into two categories: (a) the amount of the total OTTI related to a decrease in cash flows expected to be collected from the debt security (the credit loss), which is recognized in earnings, and (b) the amount of total OTTI related to all other factors, which is recognized, net of taxes, as a component of accumulated other comprehensive income. |
Equity Securities
Equity Securities | 9 Months Ended |
Sep. 30, 2021 | |
Marketable Securities [Abstract] | |
Equity Securities | 3. Equity Securities The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of equity securities held at September 30, 2021 and December 31, 2020. Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ September 30, 2021 CRA-qualified mutual funds 7,222 - - 7,222 Bank stocks 1,518 119 ( 15 ) 1,622 Total equity securities 8,740 119 ( 15 ) 8,844 Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ December 31, 2020 CRA-qualified mutual funds 6,176 - - 6,176 Bank stocks 982 53 (106 ) 929 Total equity securities 7,158 53 (106 ) 7,105 The following table presents the net gains and losses on the Corporation’s equity investments recognized in earnings during the three and nine months ended September 30, 2021 and 2020, and the portion of unrealized gains and losses for the period that relates to equity investments held as of September 30, 2021 and 2020. NET GAINS AND LOSSES ON EQUITY INVESTMENTS RECOGNIZED IN EARNINGS (DOLLARS IN THOUSANDS) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Net gains (losses) recognized in equity securities during the period 32 (54 ) 256 (279 ) Less: Net gains realized on the sale of equity securities during the period 3 - 99 - Unrealized gains (losses) recognized in equity securities held at reporting date 29 (54 ) 157 (279 ) |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 4. Loans and Allowance for Credit Losses The following table presents the Corporation’s loan portfolio by category of loans as of September 30, 2021, and December 31, 2020: LOAN PORTFOLIO (DOLLARS IN THOUSANDS) September 30, December 31, 2021 2020 $ $ Commercial real estate Commercial mortgages 166,741 142,698 Agriculture mortgages 188,455 176,005 Construction 18,786 23,441 Total commercial real estate 373,982 342,144 Consumer real estate (a) 1-4 family residential mortgages 302,670 263,569 Home equity loans 11,889 10,708 Home equity lines of credit 74,919 71,290 Total consumer real estate 389,478 345,567 Commercial and industrial Commercial and industrial 73,695 97,896 Tax-free loans 17,279 10,949 Agriculture loans 19,180 20,365 Total commercial and industrial 110,154 129,210 Consumer 5,211 5,155 Gross loans prior to deferred fees 878,825 822,076 Deferred loan costs, net 1,436 1,294 Allowance for credit losses ( 12,454 ) (12,327 ) Total net loans 867,807 811,043 (a) Real estate loans serviced for others, which are not included in the Consolidated Balance Sheets, totaled $274,892,000 and $235,437,000 as of September 30, 2021, and December 31, 2020, respectively. The Corporation grades commercial credits differently than consumer credits. The following tables represent all of the Corporation’s commercial credit exposures by internally assigned grades as of September 30, 2021 and December 31, 2020. The grading analysis estimates the capability of the borrower to repay the contractual obligations under the loan agreements as scheduled. The Corporation's internal commercial credit risk grading system is based on experiences with similarly graded loans. 12 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The Corporation's internally assigned grades for commercial credits are as follows: • Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. • Special Mention – loans where a potential weakness or risk exists, which could cause a more serious problem, if not corrected. • Substandard – loans that have a well-defined weakness based on objective evidence and characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. • Doubtful – loans classified as doubtful have all the weaknesses inherent in a substandard asset. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances. • Loss – loans classified as a loss are considered uncollectible, or of such value that continuance as an asset is not warranted. COMMERCIAL CREDIT EXPOSURE CREDIT RISK PROFILE BY INTERNALLY ASSIGNED GRADE (DOLLARS IN THOUSANDS) Commercial Commercial Agriculture and Tax-free Agriculture September 30, 2021 Mortgages Mortgages Construction Industrial Loans Loans Total $ $ $ $ $ $ $ Grade: Pass 162,806 179,880 12,648 64,457 17,279 18,657 455,727 Special Mention 2,458 - 6,138 5,082 - - 13,678 Substandard 1,477 8,575 - 4,156 - 523 14,731 Doubtful - - - - - - - Loss - - - - - - - Total 166,741 188,455 18,786 73,695 17,279 19,180 484,136 Commercial Commercial Agriculture and Tax-free Agriculture December 31, 2020 Mortgages Mortgages Construction Industrial Loans Loans Total $ $ $ $ $ $ $ Grade: Pass 133,853 166,102 21,142 87,767 10,949 18,586 438,399 Special Mention 3,683 1,651 2,299 5,592 - 774 13,999 Substandard 5,162 8,252 - 4,537 - 1,005 18,956 Doubtful - - - - - - - Loss - - - - - - - Total 142,698 176,005 23,441 97,896 10,949 20,365 471,354 13 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements For consumer loans, the Corporation evaluates credit quality based on whether the loan is considered performing or non-performing. Non-performing loans consist of those loans greater than 90 days delinquent and nonaccrual loans. The following tables present the balances of consumer loans by classes of the loan portfolio based on payment performance as of September 30, 2021 and December 31, 2020: CONSUMER CREDIT EXPOSURE CREDIT RISK PROFILE BY PAYMENT PERFORMANCE (DOLLARS IN THOUSANDS) 1-4 Family Home Equity Residential Home Equity Lines of September 30, 2021 Mortgages Loans Credit Consumer Total Payment performance: $ $ $ $ $ Performing 302,436 11,889 74,919 5,200 394,444 Non-performing 234 - - 11 245 Total 302,670 11,889 74,919 5,211 394,689 1-4 Family Home Equity Residential Home Equity Lines of December 31, 2020 Mortgages Loans Credit Consumer Total Payment performance: $ $ $ $ $ Performing 262,185 10,708 71,267 5,141 349,301 Non-performing 1,384 - 23 14 1,421 Total 263,569 10,708 71,290 5,155 350,722 The following tables present an age analysis of the Corporation’s past due loans, segregated by loan portfolio class, as of September 30, 2021 and December 31, 2020: AGING OF LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Loans Greater Receivable > 90 Days 30-59 Days 60-89 Days than 90 Total Past Total Loans and September 30, 2021 Past Due Past Due Days Due Current Receivable Accruing $ $ $ $ $ $ $ Commercial real estate Commercial mortgages - - 186 186 166,555 166,741 - Agriculture mortgages 756 - 1,516 2,272 186,183 188,455 - Construction - - - - 18,786 18,786 - Consumer real estate 1-4 family residential mortgages 529 - 234 763 301,907 302,670 172 Home equity loans 19 - - 19 11,870 11,889 - Home equity lines of credit 47 - - 47 74,872 74,919 - Commercial and industrial Commercial and industrial - - 377 377 73,318 73,695 - Tax-free loans - - - - 17,279 17,279 - Agriculture loans 24 - 95 119 19,061 19,180 - Consumer 5 - 11 16 5,195 5,211 11 Total 1,380 - 2,419 3,799 875,026 878,825 183 14 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements AGING OF LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Loans Receivable Greater > 90 Days 30-59 Days 60-89 Days than 90 Total Past Total Loans and December 31, 2020 Past Due Past Due Days Due Current Receivable Accruing $ $ $ $ $ $ $ Commercial real estate Commercial mortgages - - 208 208 142,490 142,698 - Agriculture mortgages - - - - 176,005 176,005 - Construction - - - - 23,441 23,441 - Consumer real estate 1-4 family residential mortgages 618 - 1,384 2,002 261,567 263,569 1,336 Home equity loans 1 - - 1 10,707 10,708 - Home equity lines of credit - - 23 23 71,267 71,290 23 Commercial and industrial Commercial and industrial - - 469 469 97,427 97,896 - Tax-free loans - - - - 10,949 10,949 - Agriculture loans 42 - - 42 20,323 20,365 - Consumer 23 3 14 40 5,115 5,155 14 Total 684 3 2,098 2,785 819,291 822,076 1,373 The following table presents nonaccrual loans by classes of the loan portfolio as of September 30, 2021 and December 31, 2020: NONACCRUAL LOANS BY LOAN CLASS (DOLLARS IN THOUSANDS) September 30, December 31, 2021 2020 $ $ Commercial real estate Commercial mortgages 186 208 Agriculture mortgages 1,516 - Construction - - Consumer real estate 1-4 family residential mortgages 62 48 Home equity loans - - Home equity lines of credit - - Commercial and industrial Commercial and industrial 377 469 Tax-free loans - - Agriculture loans 95 - Consumer - - Total 2,236 725 15 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements As of September 30, 2021 and December 31, 2020, all of the Corporation’s commercial loans on nonaccrual status were also considered impaired. Information with respect to impaired loans for the three and nine months ended September 30, 2021 and September 30, 2020, is as follows: IMPAIRED LOANS (DOLLARS IN THOUSANDS) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Average recorded balance of impaired loans 2,012 5,060 4,391 4,062 Interest income recognized on impaired loans 38 31 176 72 No loan modifications were made during the first nine months of 2021 that would be considered a troubled debt restructuring (TDR). There was one loan modification made during the third quarter of 2020 that was considered a TDR. One $3.6 million loan was restructured to provide relief to the commercial borrower by reducing the interest rate, providing a six-month interest only period, and extending the amortization period by an additional nine years. This loan paid off in the third quarter of 2021. In addition to this TDR, deferments of principal related to the impact of COVID-19 did occur beginning in late March 2020, however these modifications are not considered a TDR under the revised COVID-19 regulatory guidance. A modification of the payment terms to a loan customer are considered a TDR if a concession was made to a borrower that is experiencing financial difficulty. A concession is generally defined as more favorable payment or credit terms granted to a borrower in an effort to improve the likelihood of the lender collecting principal in its entirety. Concessions usually are in the form of interest only for a period of time, or a lower interest rate offered in an effort to enable the borrower to continue to make normally scheduled payments. Included in the impaired loan portfolio is one loan to a commercial borrower that is being reported as a TDR. The balance of this TDR loans was $776,000 as of September 30, 2021. This TDR is not non-accrual. 16 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following tables summarize information regarding impaired loans by loan portfolio class as of September 30, 2021 and December 31, 2020, and for the nine months ended September 30, 2021, and the twelve months ended December 31, 2020: IMPAIRED LOAN ANALYSIS (DOLLARS IN THOUSANDS) Unpaid Average Interest Recorded Principal Related Recorded Income September 30, 2021 Investment Balance Allowance Investment Recognized $ $ $ $ $ With no related allowance recorded: Commercial real estate Commercial mortgages 247 285 - 2,802 116 Agriculture mortgages 1,720 1,721 - 1,158 45 Construction - - - - - Total commercial real estate 1,967 2,006 - 3,960 161 Commercial and industrial Commercial and industrial 377 428 - 429 15 Tax-free loans - - - - - Agriculture loans - - - - - Total commercial and industrial 377 428 - 429 15 Total with no related allowance 2,344 2,434 - 4,389 176 With an allowance recorded: Commercial real estate Commercial mortgages - - - - - Agriculture mortgages 572 572 57 2 - Construction - - - - - Total commercial real estate 572 572 57 2 - Commercial and industrial Commercial and industrial - - - - - Tax-free loans - - - - - Agriculture loans 95 95 95 - - Total commercial and industrial 95 95 95 - - Total with a related allowance 667 667 152 2 - Total by loan class: Commercial real estate Commercial mortgages 247 285 - 2,802 116 Agriculture mortgages 2,292 2,293 57 1,160 45 Construction - - - - - Total commercial real estate 2,539 2,578 57 3,962 161 Commercial and industrial Commercial and industrial 377 428 - 429 15 Tax-free loans - - - - - Agriculture loans 95 95 95 - - Total commercial and industrial 472 523 95 429 15 Total 3,011 3,101 152 4,391 176 17 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements IMPAIRED LOAN ANALYSIS (DOLLARS IN THOUSANDS) Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2020 Investment Balance Allowance Investment Recognized $ $ $ $ $ With no related allowance recorded: Commercial real estate Commercial mortgages 256 318 - 798 - Agriculture mortgages 806 835 - 1,170 46 Construction - - - - - Total commercial real estate 1,062 1,153 - 1,968 46 Commercial and industrial Commercial and industrial 469 504 - 513 23 Tax-free loans - - - - - Agriculture loans - - - - - Total commercial and industrial 469 504 - 513 23 Total with no related allowance 1,531 1,657 - 2,481 69 With an allowance recorded: Commercial real estate Commercial mortgages 3,581 3,581 1,110 1,468 57 Agriculture mortgages 651 651 21 679 34 Construction - - - - - Total commercial real estate 4,232 4,232 1,131 2,147 91 Commercial and industrial Commercial and industrial - - - - - Tax-free loans - - - - - Agriculture loans - - - - - Total commercial and industrial - - - - - Total with a related allowance 4,232 4,232 1,131 2,147 91 Total by loan class: Commercial real estate Commercial mortgages 3,837 3,899 1,110 2,266 57 Agriculture mortgages 1,457 1,486 21 1,849 80 Construction - - - - - Total commercial real estate 5,294 5,385 1,131 4,115 137 Commercial and industrial Commercial and industrial 469 504 - 513 23 Tax-free loans - - - - - Agriculture loans - - - - - Total commercial and industrial 469 504 - 513 23 Total 5,763 5,889 1,131 4,628 160 18 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following table details activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021: ALLOWANCE FOR CREDIT LOSSES (DOLLARS IN THOUSANDS) Commercial Consumer Commercial Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Beginning balance - December 31, 2020 6,329 3,449 1,972 52 525 12,327 Charge-offs - - - ( 14 ) - ( 14 ) Recoveries - - 1 1 - 2 Provision 173 ( 41 ) ( 15 ) 20 238 375 Balance - March 31, 2021 6,502 3,408 1,958 59 763 12,690 Charge-offs - - - ( 9 ) - ( 9 ) Recoveries - - 16 6 - 22 Provision 48 83 19 10 ( 160 ) - Balance - June 30, 2021 6,550 3,491 1,993 66 603 12,703 Charge-offs - - - ( 7 ) - ( 7 ) Recoveries - - 2 6 - 8 Provision ( 909 ) 216 81 ( 3 ) 365 ( 250 ) Balance - September 30, 2021 5,641 3,707 2,076 62 968 12,454 During the nine months ended September 30, 2021, management charged off $30,000 in loans while recovering $32,000 and added $125,000 to the provision. The unallocated portion of the allowance increased from 4.3% of total reserves as of December 31, 2020, to 7.8% as of September 30, 2021. Management monitors the unallocated portion of the allowance with a desire to maintain it at approximately 5% over the long term, with a requirement of it not to exceed 10%. During the nine months ended September 30, 2021, net provision expense was recorded for all loan sectors except for the commercial real estate sector. The lower provision in the commercial real estate sector was due to the pay off of one loan during the third quarter of 2021 that had a specific allocation. Due to this pay off, the specific allocation was reversed resulting in a credit provision for the nine months ended September 30, 2021. There were minimal charge-offs and recoveries recorded during the nine months ended September 30, 2021, as well as minimal provision expense due to the improving economic conditions and the reversal of specific allocation from the previous time periods. Outside of the above measurements and indicators, management continues to utilize nine qualitative factors to continually refine the potential credit risks across the Corporation’s various loan types. In addition, the loan portfolio is sectored out into nine different categories to evaluate these qualitative factors. A total score of the qualitative factors for each loan sector is calculated to utilize in the allowance for loan loss calculation. The agricultural dairy sector carries the highest level of qualitative factors due to the long-term weakness in milk prices. While the dairy market has improved recently, COVID-19 initially caused a sharp decline in milk prices. 19 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following table details activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2020: ALLOWANCE FOR CREDIT LOSSES (DOLLARS IN THOUSANDS) Commercial Consumer Commercial Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Beginning balance - December 31, 2019 4,319 2,855 1,784 41 448 9,447 Charge-offs - - - (6 ) - (6 ) Recoveries 11 - 1 - - 12 Provision 252 296 171 21 (390 ) 350 Balance - March 31, 2020 4,582 3,151 1,956 56 58 9,803 Charge-offs - - - (10 ) - (10 ) Recoveries - - 1 1 - 2 Provision 356 146 175 5 293 975 Balance - June 30, 2020 4,938 3,297 2,132 52 351 10,770 Charge-offs - - (23 ) (3 ) - (26 ) Recoveries - - 1 1 - 2 Provision 1,289 75 (18 ) 4 (100 ) 1,250 Balance - September 30, 2020 6,227 3,372 2,092 54 251 11,996 During the nine months ended September 30, 2020, management charged off $42,000 in loans while recovering $16,000 and added $2,575,000 to the provision. The unallocated portion of the allowance decreased from 4.7% of total reserves as of December 31, 2019, to 2.1% as of September 30, 2020. During the nine months ended September 30, 2020, net provision expense was recorded for all sectors. The higher provision in the commercial real estate sector was due to a specific allocation of $1.1 million for a customer with ongoing business concerns. The higher provisions across the other categories were primarily caused by increasing the qualitative factors across all industry lines to various degrees as a result of the impact and effect from COVID-19 and the declining economic conditions. There were minimal charge-offs and recoveries recorded during the nine months ended September 30, 2020, so the provision expense was primarily related to the specific allocation as well as the change in economic conditions and potential for credit declines moving forward. The total amount of substandard loans at the end of the third quarter of 2020 was slightly higher resulting in slightly more provision expense. 20 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following tables present the balance in the allowance for credit losses and the recorded investment in loans receivable by portfolio segment based on impairment method as of September 30, 2021 and December 31, 2020: ALLOWANCE FOR CREDIT LOSSES AND RECORDED INVESTMENT IN LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Commercial Consumer Commercial As of September 30, 2021: Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Ending balance: individually evaluated for impairment 57 - 95 - - 152 Ending balance: collectively evaluated for impairment 5,584 3,707 1,981 62 968 12,302 Loans receivable: Ending balance 373,982 389,478 110,154 5,211 878,825 Ending balance: individually evaluated for impairment 2,539 - 472 - 3,011 Ending balance: collectively evaluated for impairment 371,443 389,478 109,682 5,211 875,814 forg Commercial Consumer Commercial As of December 31, 2020: Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Ending balance: individually evaluated for impairment 1,131 - - - - 1,131 Ending balance: collectively evaluated for impairment 5,198 3,449 1,972 52 525 11,196 Loans receivable: Ending balance 342,144 345,567 129,210 5,155 822,076 Ending balance: individually evaluated for impairment 5,294 - 469 - 5,763 Ending balance: collectively evaluated for impairment 336,850 345,567 128,741 5,155 816,313 |
Fair Value Presentation
Fair Value Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Presentation | 5. Fair Value Presentation U.S. generally accepted accounting principles establish a hierarchal disclosure framework associated with the level of observable pricing utilized in measuring assets and liabilities at fair value. The three broad levels defined by the hierarchy are as follows: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Assets and liabilities that have little to no observable pricing as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. 21 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following tables provide the fair market value for assets required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheets as of September 30, 2021, and December 31, 2020, by level within the fair value hierarchy. As required by U.S. generally accepted accounting principles, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ASSETS MEASURED ON A RECURRING BASIS (DOLLARS IN THOUSANDS) September 30, 2021 Level I Level II Level III Total $ $ $ $ U.S. treasuries - 4,998 - 4,998 U.S. government agencies - 29,281 - 29,281 U.S. agency mortgage-backed securities - 57,462 - 57,462 U.S. agency collateralized mortgage obligations - 33,593 - 33,593 Asset-backed securities - 101,443 - 101,443 Corporate bonds - 84,974 - 84,974 Obligations of states & political subdivisions - 249,836 - 249,836 Equity securities 8,844 - - 8,844 Total securities 8,844 561,587 - 570,431 On September 30, 2021, the Corporation held no securities valued using level III inputs. All of the Corporation’s debt instruments were valued using level II inputs, where quoted prices are available and observable, but not necessarily quotes on identical securities traded in active markets on a daily basis. The Corporation’s CRA fund investments and bank stocks are fair valued utilizing level I inputs because the funds have their own quoted prices in an active market. As of September 30, 2021, the CRA fund investments had a $7,222,000 book and fair market value and the bank stock portfolio had a book value of $1,518,000, and fair market value of $1,622,000. Financial instruments are considered level III when their values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. In addition to these unobservable inputs, the valuation models for level III financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. Level III financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. 22 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements ASSETS MEASURED ON A RECURRING BASIS (DOLLARS IN THOUSANDS) December 31, 2020 Level I Level II Level III Total $ $ $ $ U.S. government agencies - 54,361 - 54,361 U.S. agency mortgage-backed securities - 71,052 - 71,052 U.S. agency collateralized mortgage obligations - 35,035 - 35,035 Asset-backed securities - 60,475 - 60,475 Corporate bonds - 61,723 - 61,723 Obligations of states & political subdivisions - 193,782 - 193,782 Equity securities 7,105 - - 7,105 Total securities 7,105 476,428 - 483,533 On December 31, 2020, the Corporation held no securities valued using level III inputs. All of the Corporation’s debt instruments were valued using level II inputs, where quoted prices are available and observable but not necessarily quotes on identical securities traded in active markets on a daily basis. The Corporation’s CRA fund investments and bank stocks are fair valued utilizing level I inputs because the funds have their own quoted prices in an active market. As of December 31, 2020, the CRA fund investments had a $6,176,000 book and market value and the bank stocks had a book value of $982,000 and a market value of $929,000. The following tables provide the fair value for each class of assets required to be measured and reported at fair value on a nonrecurring basis on the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, by level within the fair value hierarchy: ASSETS MEASURED ON A NONRECURRING BASIS (DOLLARS IN THOUSANDS) September 30, 2021 Level I Level II Level III Total $ $ $ $ Assets: Impaired Loans $ - $ - $ 2,859 $ 2,859 Total $ - $ - $ 2,859 $ 2,859 December 31, 2020 Level I Level II Level III Total $ $ $ $ Assets: Impaired Loans $ - $ - $ 4,632 $ 4,632 Total $ - $ - $ 4,632 $ 4,632 The Corporation had a total of $3,011,000 of impaired loans as of September 30, 2021, with $152,000 of specific allocation against these loans and $5,763,000 of impaired loans as of December 31, 2020, with $1,131,000 of specific allocation against these loans. The value of impaired loans is generally determined through independent appraisals of the underlying collateral. 23 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Corporation has utilized level III inputs to determine fair value: QUANTITATIVE INFORMATION ABOUT LEVEL III FAIR VALUE MEASUREMENTS (DOLLARS IN THOUSANDS) September 30, 2021 Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Avg) Impaired loans 2,859 Appraisal of collateral (1) Appraisal adjustments (2) - 20 % (- 20 %) Liquidation expenses (2) - 10 % (- 10 %) December 31, 2020 Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Avg) Impaired loans 4,632 Appraisal of collateral (1) Appraisal adjustments (2) -20% (-20%) Liquidation expenses (2) -10% (-10%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level III inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
FINANCIAL INSTRUMENTS NOT REQUI
FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE | ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020: FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (DOLLARS IN THOUSANDS) September 30, 2021 Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Carrying Assets Inputs Inputs Amount Fair Value (Level I) (Level II) (Level III) $ $ $ $ $ Financial Assets: Cash and cash equivalents 78,820 78,820 78,820 - - Regulatory stock 5,635 5,635 5,635 - - Loans held for sale 3,174 3,155 3,155 - - Loans, net of allowance 867,807 879,942 - - 879,942 Mortgage servicing assets 1,591 2,003 - - 2,003 Accrued interest receivable 5,504 5,504 5,504 - - Bank owned life insurance 35,200 35,200 35,200 - - Financial Liabilities: Demand deposits 591,333 591,333 591,333 - - Interest-bearing demand deposits 58,425 58,425 58,425 - - NOW accounts 133,443 133,443 133,443 - - Money market deposit accounts 162,050 162,050 162,050 - - Savings accounts 329,900 329,900 329,900 - - Time deposits 116,351 117,050 - - 117,050 Total deposits 1,391,502 1,392,201 1,275,151 - 117,050 Long-term debt 46,706 44,912 - - 44,912 Subordinated debt 19,660 19,227 - - 19,227 Accrued interest payable 470 470 470 - - 25 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (DOLLARS IN THOUSANDS) December 31, 2020 Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Carrying Assets Inputs Inputs Amount Fair Value (Level I) (Level II) (Level III) $ $ $ $ $ Financial Assets: Cash and cash equivalents 94,939 94,939 94,939 - - Regulatory stock 6,107 6,107 6,107 - - Loans held for sale 3,029 3,029 3,029 - - Loans, net of allowance 811,043 829,902 - - 829,902 Mortgage servicing assets 1,076 1,083 - - 1,083 Accrued interest receivable 4,546 4,546 4,546 - - Bank owned life insurance 29,646 29,646 29,646 - - Financial Liabilities: Demand deposits 534,853 534,853 534,853 - - Interest-bearing demand deposits 47,092 47,092 47,092 - - NOW accounts 137,279 137,279 137,279 - - Money market deposit accounts 140,113 140,113 140,113 - - Savings accounts 274,386 274,386 274,386 - - Time deposits 119,088 121,470 - - 121,470 Total deposits 1,252,811 1,255,193 1,133,723 - 121,470 Long-term debt 54,790 51,800 - - 51,800 Subordinated debt 19,601 19,601 - - 19,601 Accrued interest payable 325 325 325 - - |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 7. Commitments and Contingent Liabilities In order to meet the financing needs of its customers in the normal course of business, the Corporation makes various commitments that are not reflected in the accompanying consolidated financial statements. These commitments include firm commitments to extend credit, unused lines of credit, and open letters of credit. As of September 30, 2021, firm loan commitments were $103.9 million, unused lines of credit were $364.7 million, and open letters of credit were $13.1 million. The total of these commitments was $481.7 million, which represents the Corporation’s exposure to credit loss in the event of nonperformance by its customers with respect to these financial instruments. The actual credit losses that may arise from these commitments are expected to compare favorably with the Corporation’s loan loss experience on its loan portfolio taken as a whole. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for balance sheet financial instruments. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 8. Accumulated Other Comprehensive Income (Loss) The activity in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020 is as follows: ACCUMULATED OTHER COMPREHENSIVE INCOME (1) (2) (DOLLARS IN THOUSANDS) Unrealized Gains (Losses) on Securities Available-for-Sale $ Balance at December 31, 2020 7,958 Other comprehensive loss before reclassifications ( 4,964 ) Amount reclassified from accumulated other comprehensive income (loss) ( 70 ) Period change ( 5,034 ) Balance at March 31, 2021 2,924 Other comprehensive income before reclassifications 4,654 Amount reclassified from accumulated other comprehensive income (loss) ( 216 ) Period change 4,438 Balance at June 30, 2021 7,362 Other comprehensive loss before reclassifications ( 2,759 ) Amount reclassified from accumulated other comprehensive income (loss) ( 277 ) Period change ( 3,036 ) Balance at September 30, 2021 4,326 Balance at December 31, 2019 1,600 Other comprehensive loss before reclassifications (274 ) Amount reclassified from accumulated other comprehensive income (loss) (223 ) Period change (497 ) Balance at March 31, 2020 1,103 Other comprehensive loss before reclassifications 3,709 Amount reclassified from accumulated other comprehensive income (loss) (290 ) Period change 3,419 Balance at June 30, 2020 4,522 Other comprehensive income before reclassifications 1,277 Amount reclassified from accumulated other comprehensive income (43 ) Period change 1,234 Balance at September 30, 2020 5,756 (1) All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 21%. (2) Amounts in parentheses indicate debits. 27 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) COMPONENTS (1) (DOLLARS IN THOUSANDS) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended September 30, 2021 2020 Affected Line Item in the $ $ Consolidated Statements of Income Securities available-for-sale: Net securities gains, reclassified into earnings 350 55 Gains on the sale of debt securities, net Related income tax expense ( 73 ) (12 ) Provision for federal income taxes Net effect on accumulated other comprehensive income (loss) for the period 277 43 (1) Amounts in parentheses indicate debits. Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Nine Months Ended September 30, 2021 2020 Affected Line Item in the $ $ Consolidated Statements of Income Securities available-for-sale: Net securities gains, reclassified into earnings 711 704 Gains on the sale of debt securities, net Related income tax expense ( 149 ) (148 ) Provision for federal income taxes Net effect on accumulated other comprehensive income for the period 562 556 (1) Amounts in parentheses indicate debits. 28 Table of Contents ENB FINANCIAL CORP |
Risks and Uncertainties
Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | 9. Risks and Uncertainties COVID-19 Update The following table provides information with respect to concentrations within our commercial loan portfolio that may be more significantly impacted by the effects of the COVID-19 pandemic at September 30, 2021. At Risk (Dollars in Thousands) # $ $ % Number Total Principal of Total of Loan Balance Loan Loan Type Loans Exposure of Loans Balance Lessors of Nonresidential Buildings 177 104,261 85,142 9.67% Lessors of Residential Buildings 227 48,681 44,558 5.06% Specialized Freight 24 10,813 6,501 0.74% Residential Remodelers 85 9,457 3,645 0.41% New Single Family Housing Construction 45 9,596 5,281 0.60% Passenger Car Leasing 172 9,496 9,256 1.05% Hotels 12 8,274 8,039 0.91% Religious Organizations 23 6,413 5,313 0.60% Car Washes 7 6,030 5,869 0.67% Concrete & Structural Contrators 19 4,879 3,039 0.35% Other 59 9,850 3,209 0.36% Totals 850 227,750 179,852 20.43% The Corporation has a diversified commercial loan portfolio that is consistent with the diversified economies of Lancaster, Lebanon and Berks Counties in Pennsylvania, the Corporation’s market area. The above chart is focused on loan types that are commonly known to be at risk or negatively impacted by the COVID-19 pandemic and its effects. The Corporation’s largest exposure to at risk loan types are loans on leased commercial property and loans on residential investment properties. The Corporation has a relatively low exposure to the hospitality industry, including restaurants. Single loan type exposures falling under the other category do not exceed 0.5% of total loans and include loan types such as site preparation contractors, fuel dealers, and recreational centers. The above levels of exposure to these at risk loan types have not had significant movements from 2020 to 2021. Management does not expect any significant movements in these exposures going forward. Paycheck Protection Program (PPP) The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020, providing over $2 trillion in economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (SBA) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (PPP). As a qualified SBA lender, the Corporation was authorized to originate PPP loans. In terms of qualifying for a PPP loan, an eligible business could apply for a PPP loan up to the greater of: (1) 2.5 times its average monthly payroll costs; or (2) $10 million. The PPP loans have the following terms: (a) an interest rate of 1.0%, (b) a two-year or five-year loan term to maturity; and (c) principal and interest payments deferred for six months from the date of disbursement. The SBA will guarantee 100% of the PPP loans made to eligible borrowers. The entire principal amount of the PPP loan, including any accrued interest, is eligible to be reduced by the amount of loan forgiveness available under the PPP, provided the employee and compensation levels of the business are maintained and 60% of the loan proceeds are used for payroll expenses, with the remaining 40% of the loan proceeds used for other qualifying expenses such as utilities. 29 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements In the initial CARES Act, $349 billion of funds were made available for PPP loans. This amount was fully exhausted prior to the end of April 2020. Congress then passed an additional allocation of funds for the PPP loans, allowing a second round of applications to begin. The Corporation generated PPP loans under this initial plan in the amount of approximately $78 million. In the first quarter of 2021, the SBA made another round of PPP funding available and the Corporation made additional loans to qualifying small businesses. Additionally, all rounds of PPP loans became eligible for forgiveness. As a result of the forgiveness of some of the original PPP loans, the initiation of additional PPP loans, and the forgiveness of a portion of these loans, the total balance of PPP loans at September 30, 2021, was $23.2 million. Management’s focus has been to serve the customers and market area that the Corporation serves. In accordance with the SBA terms and conditions on these PPP loans, as of September 30, 2021, the Corporation received approximately $5.5 million in fees associated with the processing of these loans. All fee income is being deferred over the expected life of each PPP loan. The initial batch of the PPP loans carried a stated maturity of two years. In later batches of PPP loans the maturity can be five years, however the majority of the Corporation’s PPP loans carry a two-year maturity. When a PPP loan is paid off or forgiven, the remaining fee amount is taken into income. This income amounted to $2,119,000 during the first nine months of 2021, and $1,442,000 during the first nine months of 2020. The Corporation expects there to be few loans that are on the books until the stated maturity dates. COVID-19 Loan Forbearance Programs Throughout 2020 and into 2021, 330 of the Corporation’s customers had requested payment deferrals, or payments of interest only, on loans originally totaling over $65 million at the time of deferment. These loans now have a current balance of $43.4 million, or 4.9% of the total loan portfolio as of September 30, 2021. The balance of these loans was $54.6 million as of December 31, 2020. In accordance with interagency guidance issued in March 2020, these short-term deferrals were not considered troubled debt restructurings (TDRs) unless the borrower was previously experiencing financial difficulty. In addition, the risk-rating on COVID-19 modified loans did not change, and these loans would not be considered past due until after the deferral period ended and scheduled payments resumed. The vast majority of the COVID-19 loan payment deferrals were for a 90-day period. As of September 30, 2021, there were no commercial loans remaining on deferment and the Corporation’s delinquent and non-performing levels were not materially impacted by the weaker economic conditions brought on by COVID-19. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Standards | 10. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments ‒ Credit Losses 30 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326) In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses In March 2020, the FASB issued ASU 2020-03 , Codification Improvements to Financial Instruments. Financial Instruments In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020 31 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842), 32 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements In August 2021, the FASB issued ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942), and Financial Services – Investment Companies (Topic 946): Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants (SEC Update) Amendments to Financial Disclosures about Acquired and Disposed Businesses Update of Statistical Disclosures for Bank and Savings and Loan Registrants |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and to general practices within the banking industry. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all significant adjustments considered necessary for fair presentation have been included. Certain items previously reported have been reclassified to conform to the current period’s reporting format. Such reclassifications did not affect net income or stockholders’ equity. ENB Financial Corp (“the Corporation”) is the bank holding company for its wholly-owned subsidiary Ephrata National Bank (the “Bank”). This Form 10-Q, for the third quarter of 2021, is reporting on the results of operations and financial condition of ENB Financial Corp on a consolidated basis. Operating results for the nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in ENB Financial Corp’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with Accounting Standards Topic 606, Revenue from Contracts with Customers (Topic 606). The Corporation’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Corporation has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Corporation generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. |
Securities Available for Sale (
Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities | The amortized cost, gross unrealized gains and losses, and fair value of securities held at September 30, 2021, and December 31, 2020, are as follows: Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ September 30, 2021 U.S. treasuries 4,981 17 - 4,998 U.S. government agencies 29,616 85 ( 420 ) 29,281 U.S. agency mortgage-backed securities 56,941 857 ( 336 ) 57,462 U.S. agency collateralized mortgage obligations 33,173 436 ( 16 ) 33,593 Asset-backed securities 100,722 868 ( 147 ) 101,443 Corporate bonds 84,264 854 ( 144 ) 84,974 Obligations of states and political subdivisions 246,413 5,127 ( 1,704 ) 249,836 Total securities available for sale 556,110 8,244 ( 2,767 ) 561,587 December 31, 2020 U.S. government agencies 54,224 144 (7 ) 54,361 U.S. agency mortgage-backed securities 69,777 1,441 (166 ) 71,052 U.S. agency collateralized mortgage obligations 34,449 640 (54 ) 35,035 Asset-backed securities 60,387 433 (345 ) 60,475 Corporate bonds 60,387 1,348 (12 ) 61,723 Obligations of states and political subdivisions 187,132 6,727 (77 ) 193,782 Total securities available for sale 466,356 10,733 (661 ) 476,428 |
Schedule of contractual maturity of debt securities | The amortized cost and fair value of securities available for sale at September 30, 2021, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to certain call or prepayment provisions. CONTRACTUAL MATURITY OF DEBT SECURITIES (DOLLARS IN THOUSANDS) Amortized Cost Fair Value $ $ Due in one year or less 35,395 35,774 Due after one year through five years 102,504 104,210 Due after five years through ten years 139,182 139,739 Due after ten years 279,029 281,864 Total debt securities 556,110 561,587 |
Schedule of proceeds and gains and losses on securities available for sale | Proceeds from active sales of securities available for sale, along with the associated gross realized gains and gross realized losses, are shown below. Realized gains and losses are computed on the basis of specific identification. PROCEEDS FROM SALES OF SECURITIES AVAILABLE FOR SALE (DOLLARS IN THOUSANDS) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Proceeds from sales 17,957 7,001 77,259 50,819 Gross realized gains 369 64 791 730 Gross realized losses ( 19 ) (9 ) ( 80 ) (26) |
Schedule of securities in an unrealized loss position (temporary impairment) | Information pertaining to securities with gross unrealized losses at September 30, 2021, and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: TEMPORARY IMPAIRMENTS OF SECURITIES (DOLLARS IN THOUSANDS) Less than 12 months More than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses $ $ $ $ $ $ As of September 30, 2021 U.S. government agencies 23,985 ( 420 ) - - 23,985 ( 420 ) U.S. agency mortgage-backed securities 24,270 ( 310 ) 2,988 ( 26 ) 27,258 ( 336 ) U.S. agency collateralized mortgage obligations 3,243 ( 1 ) 3,569 ( 15 ) 6,812 ( 16 ) Asset-backed securities 27,718 ( 123 ) 4,919 ( 24 ) 32,637 ( 147 ) Corporate bonds 18,381 ( 144 ) - - 18,381 ( 144 ) Obligations of states & political subdivisions 97,126 ( 1,704 ) - - 97,126 ( 1,704 ) Total temporarily impaired securities 194,723 ( 2,702 ) 11,476 ( 65 ) 206,199 ( 2,767 ) As of December 31, 2020 U.S. government agencies 42,988 (7 ) - - 42,988 (7 ) U.S. agency mortgage-backed securities 15,995 (157 ) 2,221 (9 ) 18,216 (166 ) U.S. agency collateralized mortgage obligations 12,933 (54 ) - - 12,933 (54 ) Asset-backed securities 8,465 (20 ) 18,080 (325 ) 26,545 (345 ) Corporate bonds - - 3,016 (12 ) 3,016 (12 ) Obligations of states & political subdivisions 15,666 (77 ) - - 15,666 (77 ) Total temporarily impaired securities 96,047 (315 ) 23,317 (346 ) 119,364 (661 ) |
Equity Securities (Tables)
Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Marketable Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized gains, Losses, and Fair Value of Equity Securities | The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of equity securities held at September 30, 2021 and December 31, 2020. Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ September 30, 2021 CRA-qualified mutual funds 7,222 - - 7,222 Bank stocks 1,518 119 ( 15 ) 1,622 Total equity securities 8,740 119 ( 15 ) 8,844 Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ December 31, 2020 CRA-qualified mutual funds 6,176 - - 6,176 Bank stocks 982 53 (106 ) 929 Total equity securities 7,158 53 (106 ) 7,105 |
Schedule of Realized and Unrealized Gains and Losses | The following table presents the net gains and losses on the Corporation’s equity investments recognized in earnings during the three and nine months ended September 30, 2021 and 2020, and the portion of unrealized gains and losses for the period that relates to equity investments held as of September 30, 2021 and 2020. NET GAINS AND LOSSES ON EQUITY INVESTMENTS RECOGNIZED IN EARNINGS (DOLLARS IN THOUSANDS) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Net gains (losses) recognized in equity securities during the period 32 (54 ) 256 (279 ) Less: Net gains realized on the sale of equity securities during the period 3 - 99 - Unrealized gains (losses) recognized in equity securities held at reporting date 29 (54 ) 157 (279 ) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of loan portfolio by category | The following table presents the Corporation’s loan portfolio by category of loans as of September 30, 2021, and December 31, 2020: LOAN PORTFOLIO (DOLLARS IN THOUSANDS) September 30, December 31, 2021 2020 $ $ Commercial real estate Commercial mortgages 166,741 142,698 Agriculture mortgages 188,455 176,005 Construction 18,786 23,441 Total commercial real estate 373,982 342,144 Consumer real estate (a) 1-4 family residential mortgages 302,670 263,569 Home equity loans 11,889 10,708 Home equity lines of credit 74,919 71,290 Total consumer real estate 389,478 345,567 Commercial and industrial Commercial and industrial 73,695 97,896 Tax-free loans 17,279 10,949 Agriculture loans 19,180 20,365 Total commercial and industrial 110,154 129,210 Consumer 5,211 5,155 Gross loans prior to deferred fees 878,825 822,076 Deferred loan costs, net 1,436 1,294 Allowance for credit losses ( 12,454 ) (12,327 ) Total net loans 867,807 811,043 (a) Real estate loans serviced for others, which are not included in the Consolidated Balance Sheets, totaled $274,892,000 and $235,437,000 as of September 30, 2021, and December 31, 2020, respectively. |
Schedule of commercial and consumer credit exposure | COMMERCIAL CREDIT EXPOSURE CREDIT RISK PROFILE BY INTERNALLY ASSIGNED GRADE (DOLLARS IN THOUSANDS) Commercial Commercial Agriculture and Tax-free Agriculture September 30, 2021 Mortgages Mortgages Construction Industrial Loans Loans Total $ $ $ $ $ $ $ Grade: Pass 162,806 179,880 12,648 64,457 17,279 18,657 455,727 Special Mention 2,458 - 6,138 5,082 - - 13,678 Substandard 1,477 8,575 - 4,156 - 523 14,731 Doubtful - - - - - - - Loss - - - - - - - Total 166,741 188,455 18,786 73,695 17,279 19,180 484,136 Commercial Commercial Agriculture and Tax-free Agriculture December 31, 2020 Mortgages Mortgages Construction Industrial Loans Loans Total $ $ $ $ $ $ $ Grade: Pass 133,853 166,102 21,142 87,767 10,949 18,586 438,399 Special Mention 3,683 1,651 2,299 5,592 - 774 13,999 Substandard 5,162 8,252 - 4,537 - 1,005 18,956 Doubtful - - - - - - - Loss - - - - - - - Total 142,698 176,005 23,441 97,896 10,949 20,365 471,354 13 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements For consumer loans, the Corporation evaluates credit quality based on whether the loan is considered performing or non-performing. Non-performing loans consist of those loans greater than 90 days delinquent and nonaccrual loans. The following tables present the balances of consumer loans by classes of the loan portfolio based on payment performance as of September 30, 2021 and December 31, 2020: CONSUMER CREDIT EXPOSURE CREDIT RISK PROFILE BY PAYMENT PERFORMANCE (DOLLARS IN THOUSANDS) 1-4 Family Home Equity Residential Home Equity Lines of September 30, 2021 Mortgages Loans Credit Consumer Total Payment performance: $ $ $ $ $ Performing 302,436 11,889 74,919 5,200 394,444 Non-performing 234 - - 11 245 Total 302,670 11,889 74,919 5,211 394,689 1-4 Family Home Equity Residential Home Equity Lines of December 31, 2020 Mortgages Loans Credit Consumer Total Payment performance: $ $ $ $ $ Performing 262,185 10,708 71,267 5,141 349,301 Non-performing 1,384 - 23 14 1,421 Total 263,569 10,708 71,290 5,155 350,722 |
Schedule of aging of loans receivable | The following tables present an age analysis of the Corporation’s past due loans, segregated by loan portfolio class, as of September 30, 2021 and December 31, 2020: AGING OF LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Loans Greater Receivable > 90 Days 30-59 Days 60-89 Days than 90 Total Past Total Loans and September 30, 2021 Past Due Past Due Days Due Current Receivable Accruing $ $ $ $ $ $ $ Commercial real estate Commercial mortgages - - 186 186 166,555 166,741 - Agriculture mortgages 756 - 1,516 2,272 186,183 188,455 - Construction - - - - 18,786 18,786 - Consumer real estate 1-4 family residential mortgages 529 - 234 763 301,907 302,670 172 Home equity loans 19 - - 19 11,870 11,889 - Home equity lines of credit 47 - - 47 74,872 74,919 - Commercial and industrial Commercial and industrial - - 377 377 73,318 73,695 - Tax-free loans - - - - 17,279 17,279 - Agriculture loans 24 - 95 119 19,061 19,180 - Consumer 5 - 11 16 5,195 5,211 11 Total 1,380 - 2,419 3,799 875,026 878,825 183 14 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements AGING OF LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Loans Receivable Greater > 90 Days 30-59 Days 60-89 Days than 90 Total Past Total Loans and December 31, 2020 Past Due Past Due Days Due Current Receivable Accruing $ $ $ $ $ $ $ Commercial real estate Commercial mortgages - - 208 208 142,490 142,698 - Agriculture mortgages - - - - 176,005 176,005 - Construction - - - - 23,441 23,441 - Consumer real estate 1-4 family residential mortgages 618 - 1,384 2,002 261,567 263,569 1,336 Home equity loans 1 - - 1 10,707 10,708 - Home equity lines of credit - - 23 23 71,267 71,290 23 Commercial and industrial Commercial and industrial - - 469 469 97,427 97,896 - Tax-free loans - - - - 10,949 10,949 - Agriculture loans 42 - - 42 20,323 20,365 - Consumer 23 3 14 40 5,115 5,155 14 Total 684 3 2,098 2,785 819,291 822,076 1,373 |
Schedule of nonaccrual loans by class | The following table presents nonaccrual loans by classes of the loan portfolio as of September 30, 2021 and December 31, 2020: NONACCRUAL LOANS BY LOAN CLASS (DOLLARS IN THOUSANDS) September 30, December 31, 2021 2020 $ $ Commercial real estate Commercial mortgages 186 208 Agriculture mortgages 1,516 - Construction - - Consumer real estate 1-4 family residential mortgages 62 48 Home equity loans - - Home equity lines of credit - - Commercial and industrial Commercial and industrial 377 469 Tax-free loans - - Agriculture loans 95 - Consumer - - Total 2,236 725 |
Schedule of impaired loans | As of September 30, 2021 and December 31, 2020, all of the Corporation’s commercial loans on nonaccrual status were also considered impaired. Information with respect to impaired loans for the three and nine months ended September 30, 2021 and September 30, 2020, is as follows: IMPAIRED LOANS (DOLLARS IN THOUSANDS) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Average recorded balance of impaired loans 2,012 5,060 4,391 4,062 Interest income recognized on impaired loans 38 31 176 72 No loan modifications were made during the first nine months of 2021 that would be considered a troubled debt restructuring (TDR). There was one loan modification made during the third quarter of 2020 that was considered a TDR. One $3.6 million loan was restructured to provide relief to the commercial borrower by reducing the interest rate, providing a six-month interest only period, and extending the amortization period by an additional nine years. This loan paid off in the third quarter of 2021. In addition to this TDR, deferments of principal related to the impact of COVID-19 did occur beginning in late March 2020, however these modifications are not considered a TDR under the revised COVID-19 regulatory guidance. A modification of the payment terms to a loan customer are considered a TDR if a concession was made to a borrower that is experiencing financial difficulty. A concession is generally defined as more favorable payment or credit terms granted to a borrower in an effort to improve the likelihood of the lender collecting principal in its entirety. Concessions usually are in the form of interest only for a period of time, or a lower interest rate offered in an effort to enable the borrower to continue to make normally scheduled payments. Included in the impaired loan portfolio is one loan to a commercial borrower that is being reported as a TDR. The balance of this TDR loans was $776,000 as of September 30, 2021. This TDR is not non-accrual. 16 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following tables summarize information regarding impaired loans by loan portfolio class as of September 30, 2021 and December 31, 2020, and for the nine months ended September 30, 2021, and the twelve months ended December 31, 2020: IMPAIRED LOAN ANALYSIS (DOLLARS IN THOUSANDS) Unpaid Average Interest Recorded Principal Related Recorded Income September 30, 2021 Investment Balance Allowance Investment Recognized $ $ $ $ $ With no related allowance recorded: Commercial real estate Commercial mortgages 247 285 - 2,802 116 Agriculture mortgages 1,720 1,721 - 1,158 45 Construction - - - - - Total commercial real estate 1,967 2,006 - 3,960 161 Commercial and industrial Commercial and industrial 377 428 - 429 15 Tax-free loans - - - - - Agriculture loans - - - - - Total commercial and industrial 377 428 - 429 15 Total with no related allowance 2,344 2,434 - 4,389 176 With an allowance recorded: Commercial real estate Commercial mortgages - - - - - Agriculture mortgages 572 572 57 2 - Construction - - - - - Total commercial real estate 572 572 57 2 - Commercial and industrial Commercial and industrial - - - - - Tax-free loans - - - - - Agriculture loans 95 95 95 - - Total commercial and industrial 95 95 95 - - Total with a related allowance 667 667 152 2 - Total by loan class: Commercial real estate Commercial mortgages 247 285 - 2,802 116 Agriculture mortgages 2,292 2,293 57 1,160 45 Construction - - - - - Total commercial real estate 2,539 2,578 57 3,962 161 Commercial and industrial Commercial and industrial 377 428 - 429 15 Tax-free loans - - - - - Agriculture loans 95 95 95 - - Total commercial and industrial 472 523 95 429 15 Total 3,011 3,101 152 4,391 176 17 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements IMPAIRED LOAN ANALYSIS (DOLLARS IN THOUSANDS) Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2020 Investment Balance Allowance Investment Recognized $ $ $ $ $ With no related allowance recorded: Commercial real estate Commercial mortgages 256 318 - 798 - Agriculture mortgages 806 835 - 1,170 46 Construction - - - - - Total commercial real estate 1,062 1,153 - 1,968 46 Commercial and industrial Commercial and industrial 469 504 - 513 23 Tax-free loans - - - - - Agriculture loans - - - - - Total commercial and industrial 469 504 - 513 23 Total with no related allowance 1,531 1,657 - 2,481 69 With an allowance recorded: Commercial real estate Commercial mortgages 3,581 3,581 1,110 1,468 57 Agriculture mortgages 651 651 21 679 34 Construction - - - - - Total commercial real estate 4,232 4,232 1,131 2,147 91 Commercial and industrial Commercial and industrial - - - - - Tax-free loans - - - - - Agriculture loans - - - - - Total commercial and industrial - - - - - Total with a related allowance 4,232 4,232 1,131 2,147 91 Total by loan class: Commercial real estate Commercial mortgages 3,837 3,899 1,110 2,266 57 Agriculture mortgages 1,457 1,486 21 1,849 80 Construction - - - - - Total commercial real estate 5,294 5,385 1,131 4,115 137 Commercial and industrial Commercial and industrial 469 504 - 513 23 Tax-free loans - - - - - Agriculture loans - - - - - Total commercial and industrial 469 504 - 513 23 Total 5,763 5,889 1,131 4,628 160 |
Schedule of allowance for credit losses | The following table details activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021: ALLOWANCE FOR CREDIT LOSSES (DOLLARS IN THOUSANDS) Commercial Consumer Commercial Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Beginning balance - December 31, 2020 6,329 3,449 1,972 52 525 12,327 Charge-offs - - - ( 14 ) - ( 14 ) Recoveries - - 1 1 - 2 Provision 173 ( 41 ) ( 15 ) 20 238 375 Balance - March 31, 2021 6,502 3,408 1,958 59 763 12,690 Charge-offs - - - ( 9 ) - ( 9 ) Recoveries - - 16 6 - 22 Provision 48 83 19 10 ( 160 ) - Balance - June 30, 2021 6,550 3,491 1,993 66 603 12,703 Charge-offs - - - ( 7 ) - ( 7 ) Recoveries - - 2 6 - 8 Provision ( 909 ) 216 81 ( 3 ) 365 ( 250 ) Balance - September 30, 2021 5,641 3,707 2,076 62 968 12,454 During the nine months ended September 30, 2021, management charged off $30,000 in loans while recovering $32,000 and added $125,000 to the provision. The unallocated portion of the allowance increased from 4.3% of total reserves as of December 31, 2020, to 7.8% as of September 30, 2021. Management monitors the unallocated portion of the allowance with a desire to maintain it at approximately 5% over the long term, with a requirement of it not to exceed 10%. During the nine months ended September 30, 2021, net provision expense was recorded for all loan sectors except for the commercial real estate sector. The lower provision in the commercial real estate sector was due to the pay off of one loan during the third quarter of 2021 that had a specific allocation. Due to this pay off, the specific allocation was reversed resulting in a credit provision for the nine months ended September 30, 2021. There were minimal charge-offs and recoveries recorded during the nine months ended September 30, 2021, as well as minimal provision expense due to the improving economic conditions and the reversal of specific allocation from the previous time periods. Outside of the above measurements and indicators, management continues to utilize nine qualitative factors to continually refine the potential credit risks across the Corporation’s various loan types. In addition, the loan portfolio is sectored out into nine different categories to evaluate these qualitative factors. A total score of the qualitative factors for each loan sector is calculated to utilize in the allowance for loan loss calculation. The agricultural dairy sector carries the highest level of qualitative factors due to the long-term weakness in milk prices. While the dairy market has improved recently, COVID-19 initially caused a sharp decline in milk prices. 19 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following table details activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2020: ALLOWANCE FOR CREDIT LOSSES (DOLLARS IN THOUSANDS) Commercial Consumer Commercial Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Beginning balance - December 31, 2019 4,319 2,855 1,784 41 448 9,447 Charge-offs - - - (6 ) - (6 ) Recoveries 11 - 1 - - 12 Provision 252 296 171 21 (390 ) 350 Balance - March 31, 2020 4,582 3,151 1,956 56 58 9,803 Charge-offs - - - (10 ) - (10 ) Recoveries - - 1 1 - 2 Provision 356 146 175 5 293 975 Balance - June 30, 2020 4,938 3,297 2,132 52 351 10,770 Charge-offs - - (23 ) (3 ) - (26 ) Recoveries - - 1 1 - 2 Provision 1,289 75 (18 ) 4 (100 ) 1,250 Balance - September 30, 2020 6,227 3,372 2,092 54 251 11,996 During the nine months ended September 30, 2020, management charged off $42,000 in loans while recovering $16,000 and added $2,575,000 to the provision. The unallocated portion of the allowance decreased from 4.7% of total reserves as of December 31, 2019, to 2.1% as of September 30, 2020. During the nine months ended September 30, 2020, net provision expense was recorded for all sectors. The higher provision in the commercial real estate sector was due to a specific allocation of $1.1 million for a customer with ongoing business concerns. The higher provisions across the other categories were primarily caused by increasing the qualitative factors across all industry lines to various degrees as a result of the impact and effect from COVID-19 and the declining economic conditions. There were minimal charge-offs and recoveries recorded during the nine months ended September 30, 2020, so the provision expense was primarily related to the specific allocation as well as the change in economic conditions and potential for credit declines moving forward. The total amount of substandard loans at the end of the third quarter of 2020 was slightly higher resulting in slightly more provision expense. 20 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following tables present the balance in the allowance for credit losses and the recorded investment in loans receivable by portfolio segment based on impairment method as of September 30, 2021 and December 31, 2020: ALLOWANCE FOR CREDIT LOSSES AND RECORDED INVESTMENT IN LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Commercial Consumer Commercial As of September 30, 2021: Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Ending balance: individually evaluated for impairment 57 - 95 - - 152 Ending balance: collectively evaluated for impairment 5,584 3,707 1,981 62 968 12,302 Loans receivable: Ending balance 373,982 389,478 110,154 5,211 878,825 Ending balance: individually evaluated for impairment 2,539 - 472 - 3,011 Ending balance: collectively evaluated for impairment 371,443 389,478 109,682 5,211 875,814 forg Commercial Consumer Commercial As of December 31, 2020: Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Ending balance: individually evaluated for impairment 1,131 - - - - 1,131 Ending balance: collectively evaluated for impairment 5,198 3,449 1,972 52 525 11,196 Loans receivable: Ending balance 342,144 345,567 129,210 5,155 822,076 Ending balance: individually evaluated for impairment 5,294 - 469 - 5,763 Ending balance: collectively evaluated for impairment 336,850 345,567 128,741 5,155 816,313 |
Fair Value Presentation (Tables
Fair Value Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured on a recurring basis | 23 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Corporation has utilized level III inputs to determine fair value: QUANTITATIVE INFORMATION ABOUT LEVEL III FAIR VALUE MEASUREMENTS (DOLLARS IN THOUSANDS) September 30, 2021 Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Avg) Impaired loans 2,859 Appraisal of collateral (1) Appraisal adjustments (2) - 20 % (- 20 %) Liquidation expenses (2) - 10 % (- 10 %) December 31, 2020 Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Avg) Impaired loans 4,632 Appraisal of collateral (1) Appraisal adjustments (2) -20% (-20%) Liquidation expenses (2) -10% (-10%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level III inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Schedule of assets measured on a nonrecurring basis | The following tables provide the fair market value for assets required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheets as of September 30, 2021, and December 31, 2020, by level within the fair value hierarchy. As required by U.S. generally accepted accounting principles, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ASSETS MEASURED ON A RECURRING BASIS (DOLLARS IN THOUSANDS) September 30, 2021 Level I Level II Level III Total $ $ $ $ U.S. treasuries - 4,998 - 4,998 U.S. government agencies - 29,281 - 29,281 U.S. agency mortgage-backed securities - 57,462 - 57,462 U.S. agency collateralized mortgage obligations - 33,593 - 33,593 Asset-backed securities - 101,443 - 101,443 Corporate bonds - 84,974 - 84,974 Obligations of states & political subdivisions - 249,836 - 249,836 Equity securities 8,844 - - 8,844 Total securities 8,844 561,587 - 570,431 On September 30, 2021, the Corporation held no securities valued using level III inputs. All of the Corporation’s debt instruments were valued using level II inputs, where quoted prices are available and observable, but not necessarily quotes on identical securities traded in active markets on a daily basis. The Corporation’s CRA fund investments and bank stocks are fair valued utilizing level I inputs because the funds have their own quoted prices in an active market. As of September 30, 2021, the CRA fund investments had a $7,222,000 book and fair market value and the bank stock portfolio had a book value of $1,518,000, and fair market value of $1,622,000. Financial instruments are considered level III when their values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. In addition to these unobservable inputs, the valuation models for level III financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. Level III financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. 22 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements ASSETS MEASURED ON A RECURRING BASIS (DOLLARS IN THOUSANDS) December 31, 2020 Level I Level II Level III Total $ $ $ $ U.S. government agencies - 54,361 - 54,361 U.S. agency mortgage-backed securities - 71,052 - 71,052 U.S. agency collateralized mortgage obligations - 35,035 - 35,035 Asset-backed securities - 60,475 - 60,475 Corporate bonds - 61,723 - 61,723 Obligations of states & political subdivisions - 193,782 - 193,782 Equity securities 7,105 - - 7,105 Total securities 7,105 476,428 - 483,533 |
Schedule of Level III inputs | The following tables provide the fair value for each class of assets required to be measured and reported at fair value on a nonrecurring basis on the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, by level within the fair value hierarchy: ASSETS MEASURED ON A NONRECURRING BASIS (DOLLARS IN THOUSANDS) September 30, 2021 Level I Level II Level III Total $ $ $ $ Assets: Impaired Loans $ - $ - $ 2,859 $ 2,859 Total $ - $ - $ 2,859 $ 2,859 December 31, 2020 Level I Level II Level III Total $ $ $ $ Assets: Impaired Loans $ - $ - $ 4,632 $ 4,632 Total $ - $ - $ 4,632 $ 4,632 |
FINANCIAL INSTRUMENTS NOT REQ_2
FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying amount and fair value of financial instruments | The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020: FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (DOLLARS IN THOUSANDS) September 30, 2021 Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Carrying Assets Inputs Inputs Amount Fair Value (Level I) (Level II) (Level III) $ $ $ $ $ Financial Assets: Cash and cash equivalents 78,820 78,820 78,820 - - Regulatory stock 5,635 5,635 5,635 - - Loans held for sale 3,174 3,155 3,155 - - Loans, net of allowance 867,807 879,942 - - 879,942 Mortgage servicing assets 1,591 2,003 - - 2,003 Accrued interest receivable 5,504 5,504 5,504 - - Bank owned life insurance 35,200 35,200 35,200 - - Financial Liabilities: Demand deposits 591,333 591,333 591,333 - - Interest-bearing demand deposits 58,425 58,425 58,425 - - NOW accounts 133,443 133,443 133,443 - - Money market deposit accounts 162,050 162,050 162,050 - - Savings accounts 329,900 329,900 329,900 - - Time deposits 116,351 117,050 - - 117,050 Total deposits 1,391,502 1,392,201 1,275,151 - 117,050 Long-term debt 46,706 44,912 - - 44,912 Subordinated debt 19,660 19,227 - - 19,227 Accrued interest payable 470 470 470 - - 25 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (DOLLARS IN THOUSANDS) December 31, 2020 Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Carrying Assets Inputs Inputs Amount Fair Value (Level I) (Level II) (Level III) $ $ $ $ $ Financial Assets: Cash and cash equivalents 94,939 94,939 94,939 - - Regulatory stock 6,107 6,107 6,107 - - Loans held for sale 3,029 3,029 3,029 - - Loans, net of allowance 811,043 829,902 - - 829,902 Mortgage servicing assets 1,076 1,083 - - 1,083 Accrued interest receivable 4,546 4,546 4,546 - - Bank owned life insurance 29,646 29,646 29,646 - - Financial Liabilities: Demand deposits 534,853 534,853 534,853 - - Interest-bearing demand deposits 47,092 47,092 47,092 - - NOW accounts 137,279 137,279 137,279 - - Money market deposit accounts 140,113 140,113 140,113 - - Savings accounts 274,386 274,386 274,386 - - Time deposits 119,088 121,470 - - 121,470 Total deposits 1,252,811 1,255,193 1,133,723 - 121,470 Long-term debt 54,790 51,800 - - 51,800 Subordinated debt 19,601 19,601 - - 19,601 Accrued interest payable 325 325 325 - - |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of accumulated other comprehensive loss | The activity in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020 is as follows: ACCUMULATED OTHER COMPREHENSIVE INCOME (1) (2) (DOLLARS IN THOUSANDS) Unrealized Gains (Losses) on Securities Available-for-Sale $ Balance at December 31, 2020 7,958 Other comprehensive loss before reclassifications ( 4,964 ) Amount reclassified from accumulated other comprehensive income (loss) ( 70 ) Period change ( 5,034 ) Balance at March 31, 2021 2,924 Other comprehensive income before reclassifications 4,654 Amount reclassified from accumulated other comprehensive income (loss) ( 216 ) Period change 4,438 Balance at June 30, 2021 7,362 Other comprehensive loss before reclassifications ( 2,759 ) Amount reclassified from accumulated other comprehensive income (loss) ( 277 ) Period change ( 3,036 ) Balance at September 30, 2021 4,326 Balance at December 31, 2019 1,600 Other comprehensive loss before reclassifications (274 ) Amount reclassified from accumulated other comprehensive income (loss) (223 ) Period change (497 ) Balance at March 31, 2020 1,103 Other comprehensive loss before reclassifications 3,709 Amount reclassified from accumulated other comprehensive income (loss) (290 ) Period change 3,419 Balance at June 30, 2020 4,522 Other comprehensive income before reclassifications 1,277 Amount reclassified from accumulated other comprehensive income (43 ) Period change 1,234 Balance at September 30, 2020 5,756 (1) All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 21%. (2) Amounts in parentheses indicate debits. 27 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) COMPONENTS (1) (DOLLARS IN THOUSANDS) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended September 30, 2021 2020 Affected Line Item in the $ $ Consolidated Statements of Income Securities available-for-sale: Net securities gains, reclassified into earnings 350 55 Gains on the sale of debt securities, net Related income tax expense ( 73 ) (12 ) Provision for federal income taxes Net effect on accumulated other comprehensive income (loss) for the period 277 43 (1) Amounts in parentheses indicate debits. Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Nine Months Ended September 30, 2021 2020 Affected Line Item in the $ $ Consolidated Statements of Income Securities available-for-sale: Net securities gains, reclassified into earnings 711 704 Gains on the sale of debt securities, net Related income tax expense ( 149 ) (148 ) Provision for federal income taxes Net effect on accumulated other comprehensive income for the period 562 556 (1) Amounts in parentheses indicate debits. |
Risks and Uncertainties (Tables
Risks and Uncertainties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Shedule of Commercial Loans by Type | The following table provides information with respect to concentrations within our commercial loan portfolio that may be more significantly impacted by the effects of the COVID-19 pandemic at September 30, 2021. At Risk (Dollars in Thousands) # $ $ % Number Total Principal of Total of Loan Balance Loan Loan Type Loans Exposure of Loans Balance Lessors of Nonresidential Buildings 177 104,261 85,142 9.67% Lessors of Residential Buildings 227 48,681 44,558 5.06% Specialized Freight 24 10,813 6,501 0.74% Residential Remodelers 85 9,457 3,645 0.41% New Single Family Housing Construction 45 9,596 5,281 0.60% Passenger Car Leasing 172 9,496 9,256 1.05% Hotels 12 8,274 8,039 0.91% Religious Organizations 23 6,413 5,313 0.60% Car Washes 7 6,030 5,869 0.67% Concrete & Structural Contrators 19 4,879 3,039 0.35% Other 59 9,850 3,209 0.36% Totals 850 227,750 179,852 20.43% |
Securities Available for Sale_2
Securities Available for Sale (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities pledged or restricted for public funds, par value | $ 91,079 | $ 86,849 |
Available for sale debt securities pledged or restricted for public funds, fair value | $ 94,538 | $ 91,666 |
Number of securities considered temporarily impaired | 101 | |
Available-for-sale Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Description of issuers | 78 different issuers |
Securities Available for Sale_3
Securities Available for Sale (Schedule of Amortized Cost and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Securities Available For Sale | |||
Amortized Cost | $ 556,110 | $ 466,356 | |
Gross Unrealized Gains | 8,244 | 10,733 | |
Gross Unrealized Losses | (2,767) | (661) | |
Fair Value | 561,587 | 476,428 | $ 360,029 |
U.S. Treasuries [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 4,981 | ||
Gross Unrealized Gains | 17 | ||
Gross Unrealized Losses | |||
Fair Value | 4,998 | ||
U.S. Government Agencies [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 29,616 | 54,224 | |
Gross Unrealized Gains | 85 | 144 | |
Gross Unrealized Losses | (420) | (7) | |
Fair Value | 29,281 | 54,361 | |
U.S. Agency Mortgage-Backed Securities [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 56,941 | 69,777 | |
Gross Unrealized Gains | 857 | 1,441 | |
Gross Unrealized Losses | (336) | (166) | |
Fair Value | 57,462 | 71,052 | |
U.S. Agency Collateralized Mortgage Obligations [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 33,173 | 34,449 | |
Gross Unrealized Gains | 436 | 640 | |
Gross Unrealized Losses | (16) | (54) | |
Fair Value | 33,593 | 35,035 | |
Asset-backed Securities [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 100,722 | 60,387 | |
Gross Unrealized Gains | 868 | 433 | |
Gross Unrealized Losses | (147) | (345) | |
Fair Value | 101,443 | 60,475 | |
Corporate Bonds [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 84,264 | 60,387 | |
Gross Unrealized Gains | 854 | 1,348 | |
Gross Unrealized Losses | (144) | (12) | |
Fair Value | 84,974 | 61,723 | |
Obligations of States and Political Subdivisions [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 246,413 | 187,132 | |
Gross Unrealized Gains | 5,127 | 6,727 | |
Gross Unrealized Losses | (1,704) | (77) | |
Fair Value | $ 249,836 | $ 193,782 |
Securities Available for Sale_4
Securities Available for Sale (Schedule of Contractual Maturity of Debt Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Contractual maturity of debt securities, Amortized Cost | |||
Due in one year or less | $ 35,395 | ||
Due after one year through five years | 102,504 | ||
Due after five years through ten years | 139,182 | ||
Due after ten years | 279,029 | ||
Amortized Cost | 556,110 | $ 466,356 | |
Contractual maturity of debt securities, Fair Value | |||
Due in one year or less | 35,774 | ||
Due after one year through five years | 104,210 | ||
Due after five years through ten years | 139,739 | ||
Due after ten years | 281,864 | ||
Total debt securities | $ 561,587 | $ 476,428 | $ 360,029 |
Securities Available for Sale_5
Securities Available for Sale (Schedule of Proceeds and Gains and Losses on Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales | $ 17,957 | $ 7,001 | $ 77,259 | $ 50,819 |
Gross realized gains | 369 | 64 | 791 | 730 |
Gross realized losses | $ (19) | $ (9) | $ (80) | $ (26) |
Securities Available for Sale_6
Securities Available for Sale (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than 12 months | $ 194,723 | $ 96,047 |
More than 12 months | 11,476 | 23,317 |
Total | 206,199 | 119,364 |
Gross Unrealized Losses | ||
Less than 12 months | (2,702) | (315) |
More than 12 months | (65) | (346) |
Total | (2,767) | (661) |
U.S. Government Agencies [Member] | ||
Fair Value | ||
Less than 12 months | 23,985 | 42,988 |
More than 12 months | ||
Total | 23,985 | 42,988 |
Gross Unrealized Losses | ||
Less than 12 months | (420) | (7) |
More than 12 months | ||
Total | (420) | (7) |
U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value | ||
Less than 12 months | 24,270 | 15,995 |
More than 12 months | 2,988 | 2,221 |
Total | 27,258 | 18,216 |
Gross Unrealized Losses | ||
Less than 12 months | (310) | (157) |
More than 12 months | (26) | (9) |
Total | (336) | (166) |
U.S. Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value | ||
Less than 12 months | 3,243 | 12,933 |
More than 12 months | 3,569 | |
Total | 6,812 | 12,933 |
Gross Unrealized Losses | ||
Less than 12 months | (1) | (54) |
More than 12 months | (15) | |
Total | (16) | (54) |
Asset-backed Securities [Member] | ||
Fair Value | ||
Less than 12 months | 27,718 | 8,465 |
More than 12 months | 4,919 | 18,080 |
Total | 32,637 | 26,545 |
Gross Unrealized Losses | ||
Less than 12 months | (123) | (20) |
More than 12 months | (24) | (325) |
Total | (147) | (345) |
Corporate Bonds [Member] | ||
Fair Value | ||
Less than 12 months | 18,381 | |
More than 12 months | 3,016 | |
Total | 18,381 | 3,016 |
Gross Unrealized Losses | ||
Less than 12 months | (144) | |
More than 12 months | (12) | |
Total | (144) | (12) |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value | ||
Less than 12 months | 97,126 | 15,666 |
More than 12 months | ||
Total | 97,126 | 15,666 |
Gross Unrealized Losses | ||
Less than 12 months | (1,704) | (77) |
More than 12 months | ||
Total | $ (1,704) | $ (77) |
Equity Securities (Schedule of
Equity Securities (Schedule of Amortized Cost, Gross Unrealized gains, Losses, and Fair Value of Equity Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Net Investment Income [Line Items] | |||
Amortized Cost | $ 556,110 | $ 466,356 | |
Gross Unrealized Gains | 8,244 | 10,733 | |
Gross Unrealized Losses | (2,767) | (661) | |
Fair Value | 561,587 | 476,428 | $ 360,029 |
CRA-qualified mutual funds [Member] | |||
Net Investment Income [Line Items] | |||
Amortized Cost | 7,222 | 6,176 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Fair Value | 7,222 | 6,176 | |
Bank stocks [Member] | |||
Net Investment Income [Line Items] | |||
Amortized Cost | 1,518 | 982 | |
Gross Unrealized Gains | 119 | 53 | |
Gross Unrealized Losses | (15) | (106) | |
Fair Value | 1,622 | 929 | |
Equity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Amortized Cost | 8,740 | 7,158 | |
Gross Unrealized Gains | 119 | 53 | |
Gross Unrealized Losses | (15) | (106) | |
Fair Value | $ 8,844 | $ 7,105 |
Equity Securities (Schedule o_2
Equity Securities (Schedule of Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Marketable Securities [Abstract] | ||||
Net gains (losses) recognized in equity securities during the period | $ 32 | $ (54) | $ 256 | $ (279) |
Less: Net gains realized on the sale of equity securities during the period | 3 | 99 | ||
Unrealized gains (losses) recognized in equity securities held at reporting date | $ 29 | $ (54) | $ 157 | $ (279) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
TDRs loan | $ 3,600 | $ 3,600 | ||||||||
Additional provision for loan losses | 125 | $ 2,575 | ||||||||
Recoveries of loan losses | 32 | 16 | ||||||||
Charge-offs | $ 7 | $ 9 | $ 14 | $ 26 | $ 10 | $ 6 | $ 30 | $ 42 | ||
Unallocated portion of allowance, percentage | 7.80% | 2.10% | 7.80% | 2.10% | 4.30% | 4.70% | ||||
Provision for specific allocation | $ 1,100 | $ 1,100 | ||||||||
Loans Serviced for Others [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Real estate loans serviced for others | $ 274,892 | $ 274,892 | $ 235,437 | |||||||
Two Loans [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
TDRs loan | $ 776 | $ 776 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Schedule of Loan Portfolio by Category) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | $ 878,825 | $ 822,076 | |||||||
Less: Deferred loan costs, net | 1,436 | 1,294 | |||||||
Allowance for credit losses | (12,454) | $ (12,703) | $ (12,690) | (12,327) | $ (11,996) | $ (10,770) | $ (9,803) | $ (9,447) | |
Total net loans | 867,807 | 811,043 | 831,181 | ||||||
Home Equity Loan [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 11,889 | 10,708 | |||||||
Home Equity Lines of Credit [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 74,919 | 71,290 | |||||||
Commercial Real Estate [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 373,982 | 342,144 | |||||||
Allowance for credit losses | (5,641) | (6,550) | (6,502) | (6,329) | (6,227) | (4,938) | (4,582) | (4,319) | |
Commercial Real Estate [Member] | Mortgages [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 166,741 | 142,698 | |||||||
Commercial Real Estate [Member] | Agricultural Sector [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 188,455 | 176,005 | |||||||
Commercial Real Estate [Member] | Construction [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 18,786 | 23,441 | |||||||
Consumer Real Estate [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | [1] | 389,478 | 345,567 | ||||||
Allowance for credit losses | (3,707) | (3,491) | (3,408) | (3,449) | (3,372) | (3,297) | (3,151) | (2,855) | |
Consumer Real Estate [Member] | 1-4 Family Residential Mortgages [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | [1] | 302,670 | 263,569 | ||||||
Consumer Real Estate [Member] | Home Equity Loan [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | [1] | 11,889 | 10,708 | ||||||
Consumer Real Estate [Member] | Home Equity Lines of Credit [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | [1] | 74,919 | 71,290 | ||||||
Commercial and Industrial [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 110,154 | 129,210 | |||||||
Commercial and Industrial [Member] | Agricultural Sector [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 19,180 | 20,365 | |||||||
Commercial and Industrial [Member] | Commercial and Industrial Sector [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 73,695 | 97,896 | |||||||
Commercial and Industrial [Member] | Tax-free loans [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 17,279 | 10,949 | |||||||
Consumer Portfolio Segment [Member] | |||||||||
Loan Portfolio | |||||||||
Gross loans prior to deferred fees | 5,211 | 5,155 | |||||||
Allowance for credit losses | $ (62) | $ (66) | $ (59) | $ (52) | $ (54) | $ (52) | $ (56) | $ (41) | |
[1] | Real estate loans serviced for others, which are not included in the Consolidated Balance Sheets, totaled $274,892,000 and $235,437,000 as of September 30, 2021, and December 31, 2020, respectively. |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Schedule of Commercial and Consumer Credit Exposure) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total | $ 484,136 | $ 471,354 |
Construction [Member] | ||
Total | 18,786 | 23,441 |
Agricultural Mortgage Loans [Member] | ||
Total | 188,455 | 176,005 |
Commercial and Industrial Sector [Member] | ||
Total | 73,695 | 97,896 |
Tax-free loans [Member] | ||
Total | 17,279 | 10,949 |
Agriculture loans [Member] | ||
Total | 19,180 | 20,365 |
Commercial [Member] | ||
Total | 166,741 | 142,698 |
Pass [Member] | ||
Total | 455,727 | 438,399 |
Pass [Member] | Construction [Member] | ||
Total | 12,648 | 21,142 |
Pass [Member] | Agricultural Mortgage Loans [Member] | ||
Total | 179,880 | 166,102 |
Pass [Member] | Commercial and Industrial Sector [Member] | ||
Total | 64,457 | 87,767 |
Pass [Member] | Tax-free loans [Member] | ||
Total | 17,279 | 10,949 |
Pass [Member] | Agriculture loans [Member] | ||
Total | 18,657 | 18,586 |
Pass [Member] | Commercial [Member] | ||
Total | 162,806 | 133,853 |
Special Mention [Member] | ||
Total | 13,678 | 13,999 |
Special Mention [Member] | Construction [Member] | ||
Total | 6,138 | 2,299 |
Special Mention [Member] | Agricultural Mortgage Loans [Member] | ||
Total | 1,651 | |
Special Mention [Member] | Commercial and Industrial Sector [Member] | ||
Total | 5,082 | 5,592 |
Special Mention [Member] | Tax-free loans [Member] | ||
Total | ||
Special Mention [Member] | Agriculture loans [Member] | ||
Total | 774 | |
Special Mention [Member] | Commercial [Member] | ||
Total | 2,458 | 3,683 |
Substandard [Member] | ||
Total | 14,731 | 18,956 |
Substandard [Member] | Construction [Member] | ||
Total | ||
Substandard [Member] | Agricultural Mortgage Loans [Member] | ||
Total | 8,575 | 8,252 |
Substandard [Member] | Commercial and Industrial Sector [Member] | ||
Total | 4,156 | 4,537 |
Substandard [Member] | Tax-free loans [Member] | ||
Total | ||
Substandard [Member] | Agriculture loans [Member] | ||
Total | 523 | 1,005 |
Substandard [Member] | Commercial [Member] | ||
Total | 1,477 | 5,162 |
Doubtful [Member] | ||
Total | ||
Doubtful [Member] | Construction [Member] | ||
Total | ||
Doubtful [Member] | Agricultural Mortgage Loans [Member] | ||
Total | ||
Doubtful [Member] | Commercial and Industrial Sector [Member] | ||
Total | ||
Doubtful [Member] | Tax-free loans [Member] | ||
Total | ||
Doubtful [Member] | Agriculture loans [Member] | ||
Total | ||
Doubtful [Member] | Commercial [Member] | ||
Total | ||
Loss [Member] | ||
Total | ||
Loss [Member] | Construction [Member] | ||
Total | ||
Loss [Member] | Agricultural Mortgage Loans [Member] | ||
Total | ||
Loss [Member] | Commercial and Industrial Sector [Member] | ||
Total | ||
Loss [Member] | Tax-free loans [Member] | ||
Total | ||
Loss [Member] | Agriculture loans [Member] | ||
Total | ||
Loss [Member] | Commercial [Member] | ||
Total |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Schedule of Credit Risk Profile by Payment Performance) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Gross loans prior to deferred fees | $ 878,825 | $ 822,076 |
Consumer Borrower [Member] | ||
Gross loans prior to deferred fees | 394,689 | 350,722 |
Home Equity Loan [Member] | ||
Gross loans prior to deferred fees | 11,889 | 10,708 |
Home Equity Lines of Credit [Member] | ||
Gross loans prior to deferred fees | 74,919 | 71,290 |
1-4 Family Residential Mortgages [Member] | ||
Gross loans prior to deferred fees | 302,670 | 263,569 |
Consumer Portfolio Segment [Member] | ||
Gross loans prior to deferred fees | 5,211 | 5,155 |
Performing [Member] | ||
Gross loans prior to deferred fees | 394,444 | 349,301 |
Performing [Member] | Home Equity Loan [Member] | ||
Gross loans prior to deferred fees | 11,889 | 10,708 |
Performing [Member] | Home Equity Lines of Credit [Member] | ||
Gross loans prior to deferred fees | 74,919 | 71,267 |
Performing [Member] | 1-4 Family Residential Mortgages [Member] | ||
Gross loans prior to deferred fees | 302,436 | 262,185 |
Performing [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans prior to deferred fees | 5,200 | 5,141 |
Nonperforming [Member] | ||
Gross loans prior to deferred fees | 245 | 1,421 |
Nonperforming [Member] | Home Equity Loan [Member] | ||
Gross loans prior to deferred fees | ||
Nonperforming [Member] | Home Equity Lines of Credit [Member] | ||
Gross loans prior to deferred fees | 23 | |
Nonperforming [Member] | 1-4 Family Residential Mortgages [Member] | ||
Gross loans prior to deferred fees | 234 | 1,384 |
Nonperforming [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans prior to deferred fees | $ 11 | $ 14 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Schedule of Aging of Loans Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 3,799 | $ 2,785 |
Current | 875,026 | 819,291 |
Total Loans Receivable | 878,825 | 822,076 |
Loans Receivable - Greater than 90 Days and Accruing | 183 | 1,373 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,380 | 684 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3 | |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,419 | 2,098 |
1-4 Family Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 302,670 | 263,569 |
Commercial real estate [Member] | Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 186 | 208 |
Current | 166,555 | 142,490 |
Total Loans Receivable | 166,741 | 142,698 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Commercial real estate [Member] | Mortgages [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate [Member] | Mortgages [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate [Member] | Mortgages [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 186 | 208 |
Commercial real estate [Member] | Agricultural Sector [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,272 | |
Current | 186,183 | 176,005 |
Total Loans Receivable | 188,455 | 176,005 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Commercial real estate [Member] | Agricultural Sector [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 756 | |
Commercial real estate [Member] | Agricultural Sector [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate [Member] | Agricultural Sector [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,516 | |
Commercial real estate [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Current | 18,786 | 23,441 |
Total Loans Receivable | 18,786 | 23,441 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Commercial real estate [Member] | Construction [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate [Member] | Construction [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate [Member] | Construction [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Real Estate [Member] | 1-4 Family Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 763 | 2,002 |
Current | 301,907 | 261,567 |
Total Loans Receivable | 302,670 | 263,569 |
Loans Receivable - Greater than 90 Days and Accruing | 172 | 1,336 |
Consumer Real Estate [Member] | 1-4 Family Residential Mortgages [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 529 | 618 |
Consumer Real Estate [Member] | 1-4 Family Residential Mortgages [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Real Estate [Member] | 1-4 Family Residential Mortgages [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 234 | 1,384 |
Consumer Real Estate [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 19 | 1 |
Current | 11,870 | 10,707 |
Total Loans Receivable | 11,889 | 10,708 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Consumer Real Estate [Member] | Home Equity Loan [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 19 | 1 |
Consumer Real Estate [Member] | Home Equity Loan [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Real Estate [Member] | Home Equity Loan [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Real Estate [Member] | Home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 47 | 23 |
Current | 74,872 | 71,267 |
Total Loans Receivable | 74,919 | 71,290 |
Loans Receivable - Greater than 90 Days and Accruing | 23 | |
Consumer Real Estate [Member] | Home equity lines of credit [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 47 | |
Consumer Real Estate [Member] | Home equity lines of credit [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Real Estate [Member] | Home equity lines of credit [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 23 | |
Commercial and Industrial Sector [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 377 | 469 |
Current | 73,318 | 97,427 |
Total Loans Receivable | 73,695 | 97,896 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Commercial and Industrial Sector [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial and Industrial Sector [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial and Industrial Sector [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 377 | 469 |
Commercial and Industrial Sector [Member] | Tax-free loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Current | 17,279 | 10,949 |
Total Loans Receivable | 17,279 | 10,949 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Commercial and Industrial Sector [Member] | Tax-free loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial and Industrial Sector [Member] | Tax-free loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial and Industrial Sector [Member] | Tax-free loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 119 | 42 |
Current | 19,061 | 20,323 |
Total Loans Receivable | 19,180 | 20,365 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 24 | 42 |
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 95 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 16 | 40 |
Current | 5,195 | 5,115 |
Total Loans Receivable | 5,211 | 5,155 |
Loans Receivable - Greater than 90 Days and Accruing | 11 | 14 |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5 | 23 |
Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3 | |
Consumer Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 11 | $ 14 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Schedule of Nonaccrual Loans by Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | $ 2,236 | $ 725 |
Commercial real estate [Member] | Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | 186 | 208 |
Commercial real estate [Member] | Agricultural Sector [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | 1,516 | |
Commercial real estate [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | ||
Consumer Real Estate [Member] | 1-4 Family Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | 62 | 48 |
Consumer Real Estate [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | ||
Consumer Real Estate [Member] | Home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | ||
Commercial and Industrial Sector [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | 377 | 469 |
Commercial and Industrial Sector [Member] | Tax-free loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | ||
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | 95 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Schedule of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Total impaired loans | |||||
Average recorded balance of impaired loans | $ 2,012 | $ 5,060 | $ 4,391 | $ 4,062 | $ 4,628 |
Interest income recognized on impaired loans | $ 38 | $ 31 | $ 176 | $ 72 | $ 160 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Schedule of Impaired Loans by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loans with no related allowance recorded: | |||||
Recorded Investment | $ 2,344 | $ 2,344 | $ 1,531 | ||
Unpaid Principal Balance | 2,434 | 2,434 | 1,657 | ||
Related Allowance | |||||
Average Recorded Investment | 4,389 | 2,481 | |||
Interest Income Recognized | 176 | 69 | |||
Loans with an allowance recorded: | |||||
Recorded Investment | 667 | 667 | 4,232 | ||
Unpaid Principal Balance | 667 | 667 | 4,232 | ||
Related Allowance | 152 | 152 | 1,131 | ||
Average Recorded Investment | 2 | 2,147 | |||
Interest Income Recognized | 91 | ||||
Total impaired loans | |||||
Recorded Investment | 3,011 | 3,011 | 5,763 | ||
Unpaid Principal Balance | 3,101 | 3,101 | 5,889 | ||
Related Allowance | 152 | 152 | 1,131 | ||
Average Recorded Investment | 2,012 | $ 5,060 | 4,391 | $ 4,062 | 4,628 |
Interest Income Recognized | 38 | $ 31 | 176 | $ 72 | 160 |
Commercial real estate [Member] | |||||
Loans with no related allowance recorded: | |||||
Recorded Investment | 1,967 | 1,967 | 1,062 | ||
Unpaid Principal Balance | 2,006 | 2,006 | 1,153 | ||
Related Allowance | |||||
Average Recorded Investment | 3,960 | 1,968 | |||
Interest Income Recognized | 161 | 46 | |||
Loans with an allowance recorded: | |||||
Recorded Investment | 572 | 572 | 4,232 | ||
Unpaid Principal Balance | 572 | 572 | 4,232 | ||
Related Allowance | 57 | 57 | 1,131 | ||
Average Recorded Investment | 2 | 2,147 | |||
Interest Income Recognized | 91 | ||||
Total impaired loans | |||||
Recorded Investment | 2,539 | 2,539 | 5,294 | ||
Unpaid Principal Balance | 2,578 | 2,578 | 5,385 | ||
Related Allowance | 57 | 57 | 1,131 | ||
Average Recorded Investment | 3,962 | 4,115 | |||
Interest Income Recognized | 161 | 137 | |||
Commercial real estate [Member] | Mortgages [Member] | |||||
Loans with no related allowance recorded: | |||||
Recorded Investment | 247 | 247 | 256 | ||
Unpaid Principal Balance | 285 | 285 | 318 | ||
Related Allowance | |||||
Average Recorded Investment | 2,802 | 798 | |||
Interest Income Recognized | 116 | ||||
Loans with an allowance recorded: | |||||
Recorded Investment | 3,581 | ||||
Unpaid Principal Balance | 3,581 | ||||
Related Allowance | 1,110 | ||||
Average Recorded Investment | 1,468 | ||||
Interest Income Recognized | 57 | ||||
Total impaired loans | |||||
Recorded Investment | 247 | 247 | 3,837 | ||
Unpaid Principal Balance | 285 | 285 | 3,899 | ||
Related Allowance | 1,110 | ||||
Average Recorded Investment | 2,802 | 2,266 | |||
Interest Income Recognized | 116 | 57 | |||
Commercial real estate [Member] | Agricultural Sector [Member] | |||||
Loans with no related allowance recorded: | |||||
Recorded Investment | 1,720 | 1,720 | 806 | ||
Unpaid Principal Balance | 1,721 | 1,721 | 835 | ||
Related Allowance | |||||
Average Recorded Investment | 1,158 | 1,170 | |||
Interest Income Recognized | 45 | 46 | |||
Loans with an allowance recorded: | |||||
Recorded Investment | 572 | 572 | 651 | ||
Unpaid Principal Balance | 572 | 572 | 651 | ||
Related Allowance | 57 | 57 | 21 | ||
Average Recorded Investment | 2 | 679 | |||
Interest Income Recognized | 34 | ||||
Total impaired loans | |||||
Recorded Investment | 2,292 | 2,292 | 1,457 | ||
Unpaid Principal Balance | 2,293 | 2,293 | 1,486 | ||
Related Allowance | 57 | 57 | 21 | ||
Average Recorded Investment | 1,160 | 1,849 | |||
Interest Income Recognized | 45 | 80 | |||
Commercial real estate [Member] | Construction [Member] | |||||
Loans with no related allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related Allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Loans with an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related Allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total impaired loans | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related Allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Commercial and Industrial Sector [Member] | |||||
Loans with no related allowance recorded: | |||||
Recorded Investment | 377 | 377 | 469 | ||
Unpaid Principal Balance | 428 | 428 | 504 | ||
Related Allowance | |||||
Average Recorded Investment | 429 | 513 | |||
Interest Income Recognized | 15 | 23 | |||
Loans with an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related Allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total impaired loans | |||||
Recorded Investment | 377 | 377 | 469 | ||
Unpaid Principal Balance | 428 | 428 | 504 | ||
Related Allowance | |||||
Average Recorded Investment | 429 | 513 | |||
Interest Income Recognized | 15 | 23 | |||
Commercial and Industrial Sector [Member] | Tax-free loans [Member] | |||||
Loans with no related allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related Allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Loans with an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related Allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total impaired loans | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related Allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | |||||
Loans with no related allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related Allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Loans with an allowance recorded: | |||||
Recorded Investment | 95 | 95 | |||
Unpaid Principal Balance | 95 | 95 | |||
Related Allowance | 95 | 95 | |||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total impaired loans | |||||
Recorded Investment | 95 | 95 | |||
Unpaid Principal Balance | 95 | 95 | |||
Related Allowance | 95 | 95 | |||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total Commercial and Industrial Sector [Member] | |||||
Loans with no related allowance recorded: | |||||
Recorded Investment | 377 | 377 | 469 | ||
Unpaid Principal Balance | 428 | 428 | 504 | ||
Related Allowance | |||||
Average Recorded Investment | 429 | 513 | |||
Interest Income Recognized | 15 | 23 | |||
Loans with an allowance recorded: | |||||
Recorded Investment | 95 | 95 | |||
Unpaid Principal Balance | 95 | 95 | |||
Related Allowance | 95 | 95 | |||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total impaired loans | |||||
Recorded Investment | 472 | 472 | 469 | ||
Unpaid Principal Balance | 523 | 523 | 504 | ||
Related Allowance | $ 95 | 95 | |||
Average Recorded Investment | 429 | 513 | |||
Interest Income Recognized | $ 15 | $ 23 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Schedule of Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Beginning balance | $ 12,703 | $ 12,690 | $ 12,327 | $ 10,770 | $ 9,803 | $ 9,447 | $ 12,327 | $ 9,447 |
Charge-offs | (7) | (9) | (14) | (26) | (10) | (6) | (30) | (42) |
Recoveries | 8 | 22 | 2 | 2 | 2 | 12 | ||
Provision | (250) | 375 | 1,250 | 975 | 350 | |||
Ending balance | 12,454 | 12,703 | 12,690 | 11,996 | 10,770 | 9,803 | 12,454 | 11,996 |
Commercial Real Estate [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Beginning balance | 6,550 | 6,502 | 6,329 | 4,938 | 4,582 | 4,319 | 6,329 | 4,319 |
Charge-offs | ||||||||
Recoveries | 11 | |||||||
Provision | (909) | 48 | 173 | 1,289 | 356 | 252 | ||
Ending balance | 5,641 | 6,550 | 6,502 | 6,227 | 4,938 | 4,582 | 5,641 | 6,227 |
Consumer Real Estate [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Beginning balance | 3,491 | 3,408 | 3,449 | 3,297 | 3,151 | 2,855 | 3,449 | 2,855 |
Charge-offs | ||||||||
Recoveries | ||||||||
Provision | 216 | 83 | (41) | 75 | 146 | 296 | ||
Ending balance | 3,707 | 3,491 | 3,408 | 3,372 | 3,297 | 3,151 | 3,707 | 3,372 |
Commercial and Industrial Sector [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Beginning balance | 1,993 | 1,958 | 1,972 | 2,132 | 1,956 | 1,784 | 1,972 | 1,784 |
Charge-offs | (23) | |||||||
Recoveries | 2 | 16 | 1 | 1 | 1 | 1 | ||
Provision | 81 | 19 | (15) | (18) | 175 | 171 | ||
Ending balance | 2,076 | 1,993 | 1,958 | 2,092 | 2,132 | 1,956 | 2,076 | 2,092 |
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Beginning balance | 66 | 59 | 52 | 52 | 56 | 41 | 52 | 41 |
Charge-offs | (7) | (9) | (14) | (3) | (10) | (6) | ||
Recoveries | 6 | 6 | 1 | 1 | 1 | |||
Provision | (3) | 10 | 20 | 4 | 5 | 21 | ||
Ending balance | 62 | 66 | 59 | 54 | 52 | 56 | 62 | 54 |
Unallocated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Beginning balance | 603 | 763 | 525 | 351 | 58 | 448 | 525 | 448 |
Charge-offs | ||||||||
Recoveries | ||||||||
Provision | 365 | (160) | 238 | (100) | 293 | (390) | ||
Ending balance | $ 968 | $ 603 | $ 763 | $ 251 | $ 351 | $ 58 | $ 968 | $ 251 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses (Schedule of Allowance for Credit Losses and Recorded Investment) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Allowance for credit losses: | |||
Individually evaluated for impairment | $ 152 | $ 1,131 | |
Collectively evaluated for impairment | 12,302 | 11,196 | |
Loans receivable: | |||
Total Loans Receivable | 878,825 | 822,076 | |
Individually evaluated for impairment | 3,011 | 5,763 | |
Collectively evaluated for impairment | 875,814 | 816,313 | |
Commercial Real Estate [Member] | |||
Allowance for credit losses: | |||
Individually evaluated for impairment | 57 | 1,131 | |
Collectively evaluated for impairment | 5,584 | 5,198 | |
Loans receivable: | |||
Total Loans Receivable | 373,982 | 342,144 | |
Individually evaluated for impairment | 2,539 | 5,294 | |
Collectively evaluated for impairment | 371,443 | 336,850 | |
Consumer Real Estate [Member] | |||
Allowance for credit losses: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 3,707 | 3,449 | |
Loans receivable: | |||
Total Loans Receivable | [1] | 389,478 | 345,567 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 389,478 | 345,567 | |
Commercial and Industrial Sector [Member] | |||
Allowance for credit losses: | |||
Individually evaluated for impairment | 95 | ||
Collectively evaluated for impairment | 1,981 | 1,972 | |
Loans receivable: | |||
Total Loans Receivable | 110,154 | 129,210 | |
Individually evaluated for impairment | 472 | 469 | |
Collectively evaluated for impairment | 109,682 | 128,741 | |
Consumer Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 62 | 52 | |
Loans receivable: | |||
Total Loans Receivable | 5,211 | 5,155 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 5,211 | 5,155 | |
Unallocated [Member] | |||
Allowance for credit losses: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 968 | $ 525 | |
[1] | Real estate loans serviced for others, which are not included in the Consolidated Balance Sheets, totaled $274,892,000 and $235,437,000 as of September 30, 2021, and December 31, 2020, respectively. |
Fair Value Presentation (Narrat
Fair Value Presentation (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities, book value | $ 570,431 | $ 483,533 | |
Marketable equity securities, market value | 8,844 | 7,105 | $ 6,854 |
Impaired Financing Receivable, Recorded Investment | 3,011 | 5,763 | |
Related Allowance | 152 | 1,131 | |
CRA Investment Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities, book value | 7,222 | 6,176 | |
Marketable equity securities, market value | 7,222 | 6,176 | |
Regulatory Bank Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities, book value | 1,518 | 982 | |
Marketable equity securities, market value | $ 1,622 | $ 929 |
Fair Value Presentation (Schedu
Fair Value Presentation (Schedule of Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | $ 561,587 | $ 476,428 | $ 360,029 |
Total securities | 570,431 | 483,533 | |
U.S. Government Agencies [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 29,281 | 54,361 | |
U.S. Agency Mortgage-Backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 57,462 | 71,052 | |
U.S. Agency Collateralized Mortgage Obligations [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 33,593 | 35,035 | |
Asset-backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 101,443 | 60,475 | |
Corporate Bonds [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 84,974 | 61,723 | |
Obligations of States and Political Subdivisions [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 249,836 | 193,782 | |
Fair Value Measured on a Recurring Basis [Member] | Equity Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 8,844 | 7,105 | |
Fair Value Measured on a Recurring Basis [Member] | U.S. treasuries [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 4,998 | ||
Fair Value Measured on a Recurring Basis [Member] | U.S. Government Agencies [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 29,281 | 54,361 | |
Fair Value Measured on a Recurring Basis [Member] | U.S. Agency Mortgage-Backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 57,462 | 71,052 | |
Fair Value Measured on a Recurring Basis [Member] | U.S. Agency Collateralized Mortgage Obligations [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 33,593 | 35,035 | |
Fair Value Measured on a Recurring Basis [Member] | Asset-backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 101,443 | 60,475 | |
Fair Value Measured on a Recurring Basis [Member] | Corporate Bonds [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 84,974 | 61,723 | |
Fair Value Measured on a Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 249,836 | 193,782 | |
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 8,844 | 7,105 | |
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | Equity Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 8,844 | 7,105 | |
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | U.S. treasuries [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | U.S. Government Agencies [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | U.S. Agency Collateralized Mortgage Obligations [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | Asset-backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | Corporate Bonds [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | Obligations of States and Political Subdivisions [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 561,587 | 476,428 | |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | Equity Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | U.S. treasuries [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 4,998 | ||
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | U.S. Government Agencies [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 29,281 | 54,361 | |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 57,462 | 71,052 | |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | U.S. Agency Collateralized Mortgage Obligations [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 33,593 | 35,035 | |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | Asset-backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 101,443 | 60,475 | |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | Corporate Bonds [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 84,974 | 61,723 | |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level II) [Member] | Obligations of States and Political Subdivisions [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | 249,836 | 193,782 | |
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | Equity Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | U.S. treasuries [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | U.S. Government Agencies [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | U.S. Agency Collateralized Mortgage Obligations [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | Asset-backed Securities [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | Corporate Bonds [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) | |||
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level III) [Member] | Obligations of States and Political Subdivisions [Member] | |||
Recurring Fair Value Measurements | |||
Securities available for sale (at fair value) |
Fair Value Presentation (Sche_2
Fair Value Presentation (Schedule of Assets Measured on Nonrecurring Basis) (Details) - Fair Value Measured on a Nonrecurring Basis [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Non-Recurring Fair Value Measurements | ||
Impaired Loans | $ 2,859 | $ 4,632 |
Total Fair Value, non-recurring | 2,859 | 4,632 |
Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | ||
Non-Recurring Fair Value Measurements | ||
Impaired Loans | ||
Total Fair Value, non-recurring | ||
Significant Other Observable Inputs (Level II) [Member] | ||
Non-Recurring Fair Value Measurements | ||
Impaired Loans | ||
Total Fair Value, non-recurring | ||
Significant Unobservable Inputs (Level III) [Member] | ||
Non-Recurring Fair Value Measurements | ||
Impaired Loans | 2,859 | 4,632 |
Total Fair Value, non-recurring | $ 2,859 | $ 4,632 |
Fair Value Presentation (Sche_3
Fair Value Presentation (Schedule of Level III Inputs to Determine Fair Value) (Details) - Impaired Loans [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value, non-recurring | $ 2,859 | $ 4,632 | |
Valuation Techniques | [1] | Appraisal of collateral | Appraisal of collateral |
Unobservable inputs - Appraisal adjustments | [2] | (20.00%) | (20.00%) |
Unobservable inputs - Liquidation expenses | [2] | (10.00%) | (10.00%) |
Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs - Appraisal adjustments | [2] | (20.00%) | (20.00%) |
Unobservable inputs - Liquidation expenses | [2] | (10.00%) | (10.00%) |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level III inputs which are not identifiable. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
FINANCIAL INSTRUMENTS NOT REQ_3
FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Assets: | ||||
Cash and cash equivalents | $ 78,820 | $ 94,939 | $ 44,326 | $ 41,053 |
Regulatory stock | 5,635 | 6,107 | 6,525 | |
Loans, net of allowance | 867,807 | 811,043 | 831,181 | |
Bank owned life insurance | 35,200 | 29,646 | 29,418 | |
Financial Liabilities: | ||||
Demand deposits | 591,333 | 534,853 | 465,247 | |
Total deposits | 1,391,502 | 1,252,811 | 1,126,821 | |
Subordinated debt | 19,660 | 19,601 | ||
Carrying Amount [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 78,820 | 94,939 | ||
Regulatory stock | 5,635 | 6,107 | ||
Loans held for sale | 3,174 | 3,029 | ||
Loans, net of allowance | 867,807 | 811,043 | ||
Mortgage servicing assets | 1,591 | 1,076 | ||
Accrued interest receivable | 5,504 | 4,546 | ||
Bank owned life insurance | 35,200 | 29,646 | ||
Financial Liabilities: | ||||
Demand deposits | 591,333 | 534,853 | ||
Interest-bearing demand deposits | 58,425 | 47,092 | ||
NOW accounts | 133,443 | 137,279 | ||
Money market deposit accounts | 162,050 | 140,113 | ||
Savings accounts | 329,900 | 274,386 | ||
Time deposits | 116,351 | 119,088 | ||
Total deposits | 1,391,502 | 1,252,811 | ||
Long-term debt | 46,706 | 54,790 | ||
Subordinated debt | 19,660 | 19,601 | ||
Accrued interest payable | 470 | 325 | ||
Fair Value [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 78,820 | 94,939 | ||
Regulatory stock | 5,635 | 6,107 | ||
Loans held for sale | 3,155 | 3,029 | ||
Loans, net of allowance | 879,942 | 829,902 | ||
Mortgage servicing assets | 2,003 | 1,083 | ||
Accrued interest receivable | 5,504 | 4,546 | ||
Bank owned life insurance | 35,200 | 29,646 | ||
Financial Liabilities: | ||||
Demand deposits | 591,333 | 534,853 | ||
Interest-bearing demand deposits | 58,425 | 47,092 | ||
NOW accounts | 133,443 | 137,279 | ||
Money market deposit accounts | 162,050 | 140,113 | ||
Savings accounts | 329,900 | 274,386 | ||
Time deposits | 117,050 | 121,470 | ||
Total deposits | 1,392,201 | 1,255,193 | ||
Long-term debt | 44,912 | 51,800 | ||
Subordinated debt | 19,227 | 19,601 | ||
Accrued interest payable | 470 | 325 | ||
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 78,820 | 94,939 | ||
Regulatory stock | 5,635 | 6,107 | ||
Loans held for sale | 3,155 | 3,029 | ||
Loans, net of allowance | ||||
Mortgage servicing assets | ||||
Accrued interest receivable | 5,504 | 4,546 | ||
Bank owned life insurance | 35,200 | 29,646 | ||
Financial Liabilities: | ||||
Demand deposits | 591,333 | 534,853 | ||
Interest-bearing demand deposits | 58,425 | 47,092 | ||
NOW accounts | 133,443 | 137,279 | ||
Money market deposit accounts | 162,050 | 140,113 | ||
Savings accounts | 329,900 | 274,386 | ||
Time deposits | ||||
Total deposits | 1,275,151 | 1,133,723 | ||
Long-term debt | ||||
Subordinated debt | ||||
Accrued interest payable | 470 | 325 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level II) [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | ||||
Regulatory stock | ||||
Loans held for sale | ||||
Loans, net of allowance | ||||
Mortgage servicing assets | ||||
Accrued interest receivable | ||||
Bank owned life insurance | ||||
Financial Liabilities: | ||||
Demand deposits | ||||
Interest-bearing demand deposits | ||||
NOW accounts | ||||
Money market deposit accounts | ||||
Savings accounts | ||||
Time deposits | ||||
Total deposits | ||||
Long-term debt | ||||
Subordinated debt | ||||
Accrued interest payable | ||||
Fair Value [Member] | Significant Unobservable Inputs (Level III) [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | ||||
Regulatory stock | ||||
Loans held for sale | ||||
Loans, net of allowance | 879,942 | 829,902 | ||
Mortgage servicing assets | 2,003 | 1,083 | ||
Accrued interest receivable | ||||
Bank owned life insurance | ||||
Financial Liabilities: | ||||
Demand deposits | ||||
Interest-bearing demand deposits | ||||
NOW accounts | ||||
Money market deposit accounts | ||||
Savings accounts | ||||
Time deposits | 117,050 | 121,470 | ||
Total deposits | 117,050 | 121,470 | ||
Long-term debt | 44,912 | 51,800 | ||
Subordinated debt | 19,227 | 19,601 | ||
Accrued interest payable |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) $ in Millions | Sep. 30, 2021USD ($) |
Commitment to extend credit | $ 481.7 |
Loan Commitments [Member] | |
Commitment to extend credit | 103.9 |
Line of Credit [Member] | |
Commitment to extend credit | 364.7 |
Letter of Credit [Member] | |
Commitment to extend credit | $ 13.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance, beginning | $ 7,958 | ||||||
Balance, ending | $ 4,326 | $ 5,756 | |||||
Unrealized Gains (Losses) on Securities Available-for-Sale [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance, beginning | 7,362 | $ 2,924 | 7,958 | 4,522 | $ 1,103 | $ 1,600 | |
Other comprehensive loss before reclassifications | [1],[2] | (2,759) | 4,654 | (4,964) | 1,277 | 3,709 | (274) |
Amount reclassified from accumulated other comprehensive income (loss) | [1],[2] | (277) | (216) | (70) | (43) | (290) | (223) |
Period change | [1],[2] | (3,036) | 4,438 | (5,034) | 1,234 | 3,419 | (497) |
Balance, ending | $ 4,326 | $ 7,362 | $ 2,924 | $ 5,756 | $ 4,522 | $ 1,103 | |
Federal income tax rate | [1],[2] | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% |
[1] | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 21%. | ||||||
[2] | Amounts in parentheses indicate debits. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schedule of Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Provision for federal income taxes | $ (760) | $ (533) | $ (2,251) | $ (1,610) | |||||
Reclassifications for the period | 4,139 | $ 3,551 | $ 4,504 | 2,935 | $ 3,599 | $ 2,165 | 12,194 | 8,699 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Reclassifications for the period | [1] | 277 | 43 | 562 | 556 | ||||
Unrealized Gains (Losses) on Securities Available-for-Sale [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Gains on the sale of debt securities, net | [1] | 350 | 55 | 711 | 704 | ||||
Provision for federal income taxes | [1] | $ (73) | $ (12) | $ (149) | $ (148) | ||||
[1] | Amounts in parentheses indicate debits. |
Risks and Uncertainties (Narrat
Risks and Uncertainties (Narrative) (Details) $ in Thousands, Loans in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020USD ($) | Mar. 27, 2020USD ($) | Sep. 30, 2021USD ($)Loans | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Concentration Risk [Line Items] | |||||
Amount of relief fund | $ 2,000,000,000 | ||||
Eligibility and guidline for PPP loan | an eligible business could apply for a PPP loan up to the greater of: (1) 2.5 times its average monthly payroll costs; or (2) $10 million. The PPP loans have the following terms: (a) an interest rate of 1.0%, (b) a two-year or five-year loan term to maturity; and (c) principal and interest payments deferred for six months from the date of disbursement. The SBA will guarantee 100% of the PPP loans made to eligible borrowers. The entire principal amount of the PPP loan, including any accrued interest, is eligible to be reduced by the amount of loan forgiveness available under the PPP, provided the employee and compensation levels of the business are maintained and 60% of the loan proceeds are used for payroll expenses, with the remaining 40% of the loan proceeds used for other qualifying expenses such as utilities. | ||||
Amount of funds available for PPP loans | $ 349,000,000 | ||||
Loans approved current balance | $ 43,400 | $ 54,600 | |||
Processing fee assumed | $ 5,500 | ||||
Number of loan modified | Loans | 65 | ||||
Percetage of deferrals | 4.90% | ||||
PPP loans [Member] | |||||
Concentration Risk [Line Items] | |||||
Loans approved current balance | $ 23,200 | $ 78,000 | |||
Maturity period of loan | 2 years | ||||
Remaining fee amount income | $ 2,119 | $ 1,442 |
Risks and Uncertainties (Shedul
Risks and Uncertainties (Shedule of Commercial Loans by Type) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)Loans | |
At Risk: | |
Number of Loans | Loans | 850 |
Total Loan Exposure | $ 227,750 |
Principal Balance of Loans | $ 179,852 |
Lessors of Nonresidential Buildings [Member] | |
At Risk: | |
Number of Loans | Loans | 177 |
Total Loan Exposure | $ 104,261 |
Principal Balance of Loans | $ 85,142 |
Lessors of Nonresidential Buildings [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 9.67% |
Lessors of Residential Buildings [Member] | |
At Risk: | |
Number of Loans | Loans | 227 |
Total Loan Exposure | $ 48,681 |
Principal Balance of Loans | $ 44,558 |
Lessors of Residential Buildings [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 5.06% |
Specialized Freight [Member] | |
At Risk: | |
Number of Loans | Loans | 24 |
Total Loan Exposure | $ 10,813 |
Principal Balance of Loans | $ 6,501 |
Specialized Freight [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 0.74% |
Residential Remodelers [Member] | |
At Risk: | |
Number of Loans | Loans | 85 |
Total Loan Exposure | $ 9,457 |
Principal Balance of Loans | $ 3,645 |
Residential Remodelers [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 0.41% |
New Single Family Housing Construction [Member] | |
At Risk: | |
Number of Loans | Loans | 45 |
Total Loan Exposure | $ 9,596 |
Principal Balance of Loans | $ 5,281 |
New Single Family Housing Construction [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 0.60% |
Passenger Car Leasing [Member] | |
At Risk: | |
Number of Loans | Loans | 172 |
Total Loan Exposure | $ 9,496 |
Principal Balance of Loans | $ 9,256 |
Passenger Car Leasing [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 1.05% |
Hotels [Member] | |
At Risk: | |
Number of Loans | Loans | 12 |
Total Loan Exposure | $ 8,274 |
Principal Balance of Loans | $ 8,039 |
Hotels [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 0.91% |
Religious Organizations [Member] | |
At Risk: | |
Number of Loans | Loans | 23 |
Total Loan Exposure | $ 6,413 |
Principal Balance of Loans | $ 5,313 |
Religious Organizations [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 0.60% |
Car Washes [Member] | |
At Risk: | |
Number of Loans | Loans | 7 |
Total Loan Exposure | $ 6,030 |
Principal Balance of Loans | $ 5,869 |
Car Washes [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 0.67% |
Concrete & Structural Contrators [Member] | |
At Risk: | |
Number of Loans | Loans | 19 |
Total Loan Exposure | $ 4,879 |
Principal Balance of Loans | $ 3,039 |
Concrete & Structural Contrators [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 0.35% |
Other [Member] | |
At Risk: | |
Number of Loans | Loans | 59 |
Total Loan Exposure | $ 9,850 |
Principal Balance of Loans | $ 3,209 |
Other [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 0.36% |
Concentration Risk [Member] | Accounts Receivable [Member] | Loan [Member] | |
At Risk: | |
% of Total Loan Balance | 20.43% |