Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Central Index Key | 0001437479 | |
Document Period End Date | Mar. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | Not Applicable | |
Title of 12(b) Security | None | |
Trading Symbol | N/A | |
Name of Exchange on which Security is Registered | NONE | |
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 | 5,595,152 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
ASSETS | |||
Cash and due from banks | $ 21,123 | $ 19,930 | $ 19,366 |
Interest-bearing deposits in other banks | 58,031 | 138,519 | 69,248 |
Total cash and cash equivalents | 79,154 | 158,449 | 88,614 |
Securities available for sale (at fair value) | 589,493 | 558,093 | 531,600 |
Equity securities (at fair value) | 8,994 | 8,982 | 7,217 |
Loans held for sale | 2,223 | 3,194 | 2,018 |
Loans (net of unearned income) | 950,571 | 920,904 | 841,934 |
Less: Allowance for loan losses | 12,979 | 12,931 | 12,690 |
Net loans | 937,592 | 907,973 | 829,244 |
Premises and equipment | 24,385 | 24,476 | 24,742 |
Regulatory stock | 5,406 | 5,380 | 6,160 |
Bank owned life insurance | 35,574 | 35,414 | 29,833 |
Other assets | 22,327 | 15,269 | 12,461 |
Total assets | 1,705,148 | 1,717,230 | 1,531,889 |
Deposits: | |||
Noninterest-bearing | 675,519 | 686,278 | 580,003 |
Interest-bearing | 842,438 | 825,935 | 745,384 |
Total deposits | 1,517,957 | 1,512,213 | 1,325,387 |
Long-term debt | 44,206 | 44,206 | 52,792 |
Subordinated debt | 19,700 | 19,680 | 19,620 |
Other liabilities | 7,246 | 3,843 | 5,269 |
Total liabilities | 1,589,109 | 1,579,942 | 1,403,068 |
Stockholders' equity: | |||
Common stock, par value $0.10 Shares: Authorized 24,000,000 Issued 5,739,114 and Outstanding 5,595,152 as of 3/31/22, 5,583,956 as of 12/31/21, and 5,566,566 as of 3/31/21 | 574 | 574 | 574 |
Capital surplus | 4,544 | 4,520 | 4,460 |
Retained earnings | 134,098 | 131,856 | 124,285 |
Accumulated other comprehensive (loss) income | (20,298) | 3,441 | 2,924 |
Less: Treasury stock cost on 143,962 shares as of 3/31/22, 155,158 as of 12/31/21, and 172,548 as of 3/31/21 | (2,879) | (3,103) | (3,422) |
Total stockholders' equity | 116,039 | 137,288 | 128,821 |
Total liabilities and stockholders' equity | $ 1,705,148 | $ 1,717,230 | $ 1,531,889 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
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 | 5,595,152 | 5,583,956 | 5,566,566 |
Treasury shares | 143,962 | 155,158 | 172,548 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 8,815 | $ 8,385 |
Interest on securities available for sale | ||
Taxable | 1,429 | 1,079 |
Tax-exempt | 1,029 | 952 |
Interest on deposits at other banks | 37 | 22 |
Dividend income | 94 | 92 |
Total interest and dividend income | 11,404 | 10,530 |
Interest expense: | ||
Interest on deposits | 252 | 314 |
Interest on borrowings | 431 | 537 |
Total interest expense | 683 | 851 |
Net interest income | 10,721 | 9,679 |
Provision for loan losses | 100 | 375 |
Net interest income after provision for loan losses | 10,621 | 9,304 |
Other income: | ||
Trust and investment services income | 671 | 670 |
Service fees | 588 | 614 |
Commissions | 869 | 864 |
Gains on the sale of debt securities, net | 139 | 87 |
(Losses) gains on equity securities, net | (8) | 248 |
Gains on sale of mortgages | 735 | 1,930 |
Earnings on bank-owned life insurance | 190 | 216 |
Other income | 492 | 689 |
Total other income | 3,676 | 5,318 |
Operating expenses: | ||
Salaries and employee benefits | 6,512 | 5,699 |
Occupancy | 718 | 683 |
Equipment | 265 | 267 |
Advertising & marketing | 279 | 190 |
Computer software & data processing | 1,138 | 1,098 |
Shares tax | 351 | 280 |
Professional services | 630 | 439 |
Other expense | 715 | 531 |
Total operating expenses | 10,608 | 9,187 |
Income before income taxes | 3,689 | 5,435 |
Provision for federal income taxes | 498 | 931 |
Net income | $ 3,191 | $ 4,504 |
Earnings per share of common stock | $ 0.57 | $ 0.81 |
Cash dividends paid per share | $ 0.17 | $ 0.17 |
Weighted average shares outstanding | 5,584,603 | 5,561,603 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,191 | $ 4,504 |
Securities available for sale not other-than-temporarily impaired: | ||
Unrealized losses arising during the period | (29,909) | (6,285) |
Income tax effect | 6,280 | 1,320 |
Total | (23,629) | (4,965) |
Gains recognized in earnings | (139) | (87) |
Income tax effect | 29 | 18 |
Total | (110) | (69) |
Other comprehensive loss, net of tax | (23,739) | (5,034) |
Comprehensive Loss | $ (20,548) | $ (530) |
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, 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, 2021 | 574 | 4,520 | 131,856 | 3,441 | (3,103) | 137,288 |
Net income | 3,191 | 3,191 | ||||
Other comprehensive loss net of tax | (23,739) | (23,739) | ||||
Treasury stock issued | 24 | 224 | 248 | |||
Cash dividends paid | (949) | (949) | ||||
Balance, ending at Mar. 31, 2022 | $ 574 | $ 4,544 | $ 134,098 | $ (20,298) | $ (2,879) | $ 116,039 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Treasury stock purchased, shares | 7,600 | |
Treasury stock issued, shares | 11,196 | 7,936 |
Cash dividends paid, per share | $ 0.17 | $ 0.16 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 3,191 | $ 4,504 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization of securities premiums and discounts and loan fees | 1,196 | 771 |
Amortization of operating leases right-of-use assets | 64 | 45 |
Increase in interest receivable | (542) | (565) |
Decrease in interest payable | 189 | 176 |
Provision for loan losses | 100 | 375 |
Gains on the sale of debt securities, net | (139) | (87) |
Losses (gains) on equity securities, net | 8 | (248) |
Gains on sale of mortgages | (735) | (1,930) |
Loans originated for sale | (14,483) | (29,884) |
Proceeds from sales of loans | 16,189 | 32,825 |
Earnings on bank-owned life insurance | (190) | (216) |
Depreciation of premises and equipment and amortization of software | 388 | 376 |
Deferred income tax | (30) | |
Amortization of deferred fees on subordinated debt | 20 | 19 |
Other assets and other liabilities, net | 2,904 | (999) |
Net cash provided by operating activities | 8,160 | 5,132 |
Securities available for sale: | ||
Proceeds from maturities, calls, and repayments | 13,344 | 20,943 |
Proceeds from sales | 8,575 | 50,341 |
Purchases | (84,513) | (133,849) |
Equity securities | ||
Proceeds from sales | 150 | 428 |
Purchases | (170) | (292) |
Purchase of regulatory bank stock | (128) | (400) |
Redemptions of regulatory bank stock | 102 | 347 |
Net increase in loans | (29,629) | (18,238) |
Purchases of premises and equipment, net | (229) | (311) |
Purchase of computer software | (139) | |
Net cash used for investing activities | (92,498) | (81,170) |
Cash flows from financing activities: | ||
Net increase in demand, NOW, and savings accounts | 5,536 | 72,511 |
Net increase in time deposits | 208 | 65 |
Repayments of long-term debt | (1,998) | |
Dividends paid | (949) | (889) |
Proceeds from sale of treasury stock | 248 | 173 |
Treasury stock purchased | (149) | |
Net cash provided by financing activities | 5,043 | 69,713 |
Decrease in cash and cash equivalents | (79,295) | (6,325) |
Cash and cash equivalents at beginning of period | 158,449 | 94,939 |
Cash and cash equivalents at end of period | 79,154 | 88,614 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 494 | 675 |
Income taxes paid | 450 | |
Supplemental disclosure of non-cash investing and financing activities: | ||
Fair value adjustments for securities available for sale | (30,048) | (6,369) |
Recognition of lease operating right-of-use assets | 1,647 | |
Recognition of operating lease liabilities | $ 1,647 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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”). Ephrata National Bank has one wholly-owned subsidiary, ENB Insurance, LLC which is consolidated into its financial statements. This Form 10-Q, for the first quarter of 2022, is reporting on the results of operations and financial condition of ENB Financial Corp on a consolidated basis. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021. 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, and December 31, 2021, are as follows: Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ March 31, 2022 U.S. treasuries 35,683 — ( 1,392 ) 34,291 U.S. government agencies 27,609 2 ( 1,720 ) 25,891 U.S. agency mortgage-backed securities 56,150 50 ( 2,123 ) 54,077 U.S. agency collateralized mortgage obligations 35,640 15 ( 1,207 ) 34,448 Non-agency MBS/CMO 23,307 — ( 275 ) 23,032 Asset-backed securities 91,795 96 ( 1,098 ) 90,793 Corporate bonds 81,973 56 ( 3,244 ) 78,785 Obligations of states and political subdivisions 263,028 698 ( 15,550 ) 248,176 Total securities available for sale 615,185 917 ( 26,609 ) 589,493 December 31, 2021 U.S. Treasuries 14,821 14 (22 ) 14,813 U.S. government agencies 29,613 50 (642 ) 29,021 U.S. agency mortgage-backed securities 51,964 502 (478 ) 51,988 U.S. agency collateralized mortgage obligations 30,917 241 (81 ) 31,077 Asset-backed securities 100,998 605 (384 ) 101,219 Corporate bonds 82,617 420 (528 ) 82,509 Obligations of states and political subdivisions 242,807 5,848 (1,189 ) 247,466 Total securities available for sale 553,737 7,680 (3,324 ) 558,093 The amortized cost and fair value of securities available for sale at March 31, 2022, 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 29,664 29,220 Due after one year through five years 127,954 124,750 Due after five years through ten years 151,046 143,953 Due after ten years 306,521 291,570 Total debt securities 615,185 589,493 Securities available for sale with a par value of $88,591,000 and $94,283,000 at March 31, 2022, and December 31, 2021, respectively, were pledged or restricted for public funds, borrowings, or other purposes as required by law. The fair value of these pledged securities was $86,576,000 at March 31, 2022, and $96,521,000 at December 31, 2021. 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 March 31, 2022 2021 $ $ Proceeds from sales 8,575 50,341 Gross realized gains 139 141 Gross realized losses — (54 ) 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 three months of 2022 or 2021. Information pertaining to securities with gross unrealized losses at March 31, 2022, and December 31, 2021, 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 March 31, 2022 U.S. Treasuries 34,291 ( 1,392 ) — — 34,291 ( 1,392 ) U.S. government agencies 2,001 ( 9 ) 22,689 ( 1,711 ) 24,690 ( 1,720 ) U.S. agency mortgage-backed securities 32,444 ( 1,122 ) 12,274 ( 1,001 ) 44,718 ( 2,123 ) U.S. agency collateralized mortgage obligations 28,325 ( 1,193 ) 2,884 ( 14 ) 31,209 ( 1,207 ) Non-Agency MBS/CMO 9,275 ( 275 ) — — 9,275 ( 275 ) Asset-backed securities 73,552 ( 1,005 ) 5,973 ( 93 ) 79,525 ( 1,098 ) Corporate bonds 54,102 ( 3,244 ) — — 54,102 ( 3,244 ) Obligations of states & political subdivisions 188,073 ( 14,222 ) 9,645 ( 1,328 ) 197,718 ( 15,550 ) Total temporarily impaired securities 422,063 ( 22,462 ) 53,465 ( 4,147 ) 475,528 ( 26,609 ) As of December 31, 2021 U.S. Treasuries 4,959 (22 ) — — 4,959 (22 ) U.S. government agencies 16,386 (519 ) 7,375 (123 ) 23,761 (642 ) U.S. agency mortgage-backed securities 24,090 (468 ) 2,458 (10 ) 26,548 (478 ) U.S. agency collateralized mortgage obligations 14,206 (66 ) 2,965 (15 ) 17,171 (81 ) Asset-backed securities 50,466 (338 ) 2,826 (46 ) 53,292 (384 ) Corporate bonds 44,907 (528 ) — — 44,907 (528 ) Obligations of states & political subdivisions 70,021 (1,043 ) 6,023 (146 ) 76,044 (1,189 ) Total temporarily impaired securities 225,035 (2,984 ) 21,647 (340 ) 246,682 (3,324 ) In the debt security portfolio there were 289 positions that were carrying unrealized losses as of March 31, 2022. There were no instruments considered to be other-than-temporarily impaired at March 31, 2022. |
Equity Securities
Equity Securities | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021. Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ March 31, 2022 CRA-qualified mutual funds 7,258 — — 7,258 Bank stocks 1,623 120 ( 7 ) 1,736 Total equity securities 8,881 120 ( 7 ) 8,994 Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ December 31, 2021 CRA-qualified mutual funds 7,240 — — 7,240 Bank stocks 1,570 184 (12 ) 1,742 Total equity securities 8,810 184 (12 ) 8,982 The following table presents the net gains and losses on the Corporation’s equity investments recognized in earnings during the three months ended March 31, 2022 and 2021, and the portion of unrealized gains and losses for the period that relates to equity investments held as of March 31, 2022 and 2021. NET GAINS AND LOSSES ON EQUITY INVESTMENTS RECOGNIZED IN EARNINGS (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2022 2021 $ $ Net (losses) gains recognized in equity securities during the period ( 8 ) 248 Less: Net gains realized on the sale of equity securities during the period 51 95 Unrealized gains (losses) recognized in equity securities held at reporting date ( 59 ) 153 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, and December 31, 2021: LOAN PORTFOLIO (DOLLARS IN THOUSANDS) March 31, December 31, 2022 2021 $ $ Commercial real estate Commercial mortgages 180,792 177,396 Agriculture mortgages 200,406 203,725 Construction 56,934 19,639 Total commercial real estate 438,132 400,760 Consumer real estate (a) 1-4 family residential mortgages 303,409 317,037 Home equity loans 11,819 11,181 Home equity lines of credit 77,499 75,698 Total consumer real estate 392,727 403,916 Commercial and industrial Commercial and industrial 67,146 65,615 Tax-free loans 23,295 23,009 Agriculture loans 22,151 20,717 Total commercial and industrial 112,592 109,341 Consumer 5,141 5,132 Gross loans prior to deferred fees 948,592 919,149 Deferred loan costs, net 1,979 1,755 Allowance for credit losses ( 12,979 ) (12,931 ) Total net loans 937,592 907,973 (a) Real estate loans serviced for others, which are not included in the Consolidated Balance Sheets, totaled $304,290,000 and $289,263,000 as of March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022 Mortgages Mortgages Construction Industrial Loans Loans Total $ $ $ $ $ $ $ Grade: Pass 177,935 187,837 50,429 57,449 23,295 21,698 518,643 Special Mention 521 4,537 6,505 6,380 — 71 18,014 Substandard 2,336 8,032 — 3,317 — 382 14,067 Doubtful — — — — — — — Loss — — — — — — — Total 180,792 200,406 56,934 67,146 23,295 22,151 550,724 Commercial Commercial Agriculture and Tax-free Agriculture December 31, 2021 Mortgages Mortgages Construction Industrial Loans Loans Total $ $ $ $ $ $ $ Grade: Pass 172,540 192,943 13,544 57,214 23,009 19,980 479,230 Special Mention 2,443 2,542 6,095 4,657 — 90 15,827 Substandard 2,413 8,240 — 3,744 — 647 15,044 Doubtful — — — — — — — Loss — — — — — — — Total 177,396 203,725 19,639 65,615 23,009 20,717 510,101 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 March 31, 2022 and December 31, 2021 13 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements CONSUMER CREDIT EXPOSURE CREDIT RISK PROFILE BY PAYMENT PERFORMANCE (DOLLARS IN THOUSANDS) 1-4 Family Home Equity Residential Home Equity Lines of March 31, 2022 Mortgages Loans Credit Consumer Total Payment performance: $ $ $ $ $ Performing 303,372 11,447 77,460 5,132 397,411 Non-performing 37 372 38 9 456 Total 303,409 11,819 77,498 5,141 397,867 1-4 Family Home Equity Residential Home Equity Lines of December 31, 2021 Mortgages Loans Credit Consumer Total Payment performance: $ $ $ $ $ Performing 316,722 11,181 75,659 5,132 408,694 Non-performing 315 — 39 — 354 Total 317,037 11,181 75,698 5,132 409,048 The following tables present an age analysis of the Corporation’s past due loans, segregated by loan portfolio class, as of March 31, 2022 and December 31, 2021: AGING OF LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Loans Receivable > 30-59 Days 60-89 Days Greater than 90 Total Past Total Loans 90 Days and March 31, 2022 Past Due Past Due Days Due Current Receivable Accruing $ $ $ $ $ $ $ Commercial real estate Commercial mortgages — — 171 171 180,621 180,792 — Agriculture mortgages — — 2,744 2,744 197,662 200,406 — Construction — — — — 56,934 56,934 — Consumer real estate 1-4 family residential mortgages 1,050 283 37 1,370 302,039 303,409 — Home equity loans 18 — 372 390 11,429 11,819 — Home equity lines of credit 8 17 38 63 77,436 77,499 38 Commercial and industrial Commercial and industrial 3 32 249 284 66,862 67,146 39 Tax-free loans — — — — 23,295 23,295 — Agriculture loans — — 19 19 22,132 22,151 — Consumer — 1 9 10 5,131 5,141 9 Total 1,079 333 3,639 5,051 943,541 948,592 86 14 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements AGING OF LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Loans Receivable > 30-59 Days 60-89 Days Greater than 90 Total Past Total Loans 90 Days and December 31, 2020 Past Due Past Due Days Due Current Receivable Accruing $ $ $ $ $ $ $ Commercial real estate Commercial mortgages 22 — 184 206 177,190 177,396 — Agriculture mortgages 232 — 1,838 2,070 201,655 203,725 — Construction — — — — 19,639 19,639 — Consumer real estate 1-4 family residential mortgages 1,464 68 315 1,847 315,190 317,037 276 Home equity loans 19 — — 19 11,162 11,181 — Home equity lines of credit — — 39 39 75,659 75,698 39 Commercial and industrial Commercial and industrial 43 — 395 438 65,177 65,615 10 Tax-free loans — — — — 23,009 23,009 — Agriculture loans — 9 110 119 20,598 20,717 — Consumer 22 — — 22 5,110 5,132 — Total 1,802 77 2,881 4,760 914,389 919,149 325 The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2022 and December 31, 2021: NONACCRUAL LOANS BY LOAN CLASS (DOLLARS IN THOUSANDS) March 31, December 31, 2022 2021 $ $ Commercial real estate Commercial mortgages 171 184 Agriculture mortgages 2,744 1,838 Construction — — Consumer real estate 1-4 family residential mortgages 37 39 Home equity loans 372 — Home equity lines of credit — — Commercial and industrial Commercial and industrial 210 385 Tax-free loans — — Agriculture loans 19 110 Consumer — — Total 3,553 2,556 As of March 31, 2022 and December 31, 2021, all of the Corporation’s commercial loans on nonaccrual status were also considered impaired. Information with respect to impaired loans for the three months ended March 31, 2022 and March 31, 2021, is as follows: IMPAIRED LOANS (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2022 2021 $ $ Average recorded balance of impaired loans 2,878 5,739 Interest income recognized on impaired loans 8 66 15 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements No loan modifications were made during the first three months of 2021 or 2022 that would be considered a troubled debt restructuring (TDR). 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 loan was $483,000 as of March 31, 2022. This TDR is not non-accrual. The following tables summarize information regarding impaired loans by loan portfolio class as of March 31, 2022 and December 31, 2021: IMPAIRED LOAN ANALYSIS (DOLLARS IN THOUSANDS) Unpaid Recorded Principal Related March 31, 2022 Investment Balance Allowance $ $ $ With no related allowance recorded: Commercial real estate Commercial mortgages 579 619 — Agriculture mortgages 2,690 2,720 — Construction — — — Total commercial real estate 3,269 3,339 — Commercial and industrial Commercial and industrial — — — Tax-free loans — — — Agriculture loans — — — Total commercial and industrial — — — Total with no related allowance 3,269 3,339 — With an allowance recorded: Commercial real estate Commercial mortgages — — — Agriculture mortgages 537 550 23 Construction — — — Total commercial real estate 537 550 23 Commercial and industrial Commercial and industrial 210 210 209 Tax-free loans — — — Agriculture loans 19 20 19 Total commercial and industrial 229 230 228 Total with a related allowance 766 780 251 Total by loan class: Commercial real estate Commercial mortgages 579 619 — Agriculture mortgages 3,227 3,270 23 Construction — — — Total commercial real estate 3,806 3,889 23 Commercial and industrial Commercial and industrial 210 210 209 Tax-free loans — — — Agriculture loans 19 20 19 Total commercial and industrial 229 230 228 Total 4,035 4,119 251 16 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements IMPAIRED LOAN ANALYSIS (DOLLARS IN THOUSANDS) Unpaid Recorded Principal Related December 31, 2021 Investment Balance Allowance $ $ $ With no related allowance recorded: Commercial real estate Commercial mortgages 223 263 — Agriculture mortgages 2,055 2,066 — Construction — — — Total commercial real estate 2,278 2,329 — Commercial and industrial Commercial and industrial 385 438 — Tax-free loans — — — Agriculture loans — — — Total commercial and industrial 385 438 — Total with no related allowance 2,663 2,767 — With an allowance recorded: Commercial real estate Commercial mortgages — — — Agriculture mortgages 551 559 37 Construction — — — Total commercial real estate 551 559 37 Commercial and industrial Commercial and industrial — — — Tax-free loans — — — Agriculture loans 110 111 110 Total commercial and industrial 110 111 110 Total with a related allowance 661 670 147 Total by loan class: Commercial real estate Commercial mortgages 223 263 — Agriculture mortgages 2,606 2,625 37 Construction — — — Total commercial real estate 2,829 2,888 37 Commercial and industrial Commercial and industrial 385 438 — Tax-free loans — — — Agriculture loans 110 111 110 Total commercial and industrial 495 549 110 Total 3,324 3,437 147 17 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 months ended March 31, 2022: 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, 2021 6,263 3,834 2,112 87 635 12,931 Charge-offs ( 65 ) — — ( 1 ) — (66 ) Recoveries — 3 10 1 — 14 Provision ( 90 ) 41 193 ( 16 ) ( 28 ) 100 Balance - March 31, 2022 6,108 3,878 2,315 71 607 12,979 During the three months ended March 31, 2022, management charged off $66,000 in loans while recovering $14,000 and added $100,000 to the provision. The unallocated portion of the allowance decreased from 4.9% of total reserves as of December 31, 2021, to 4.7% as of March 31, 2022. 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 three months ended March 31, 2022, net provision expense was recorded for the consumer real estate and commercial and industrial sectors while the commercial real estate and consumer sectors recorded a credit in provision. All of these amounts were minimal as total provision expense for the first quarter of 2022 was only $100,000 due to improved economic conditions as well as lower levels of classified loans. 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 following table details activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 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 During the three months ended March 31, 2021, management charged off $14,000 in loans while recovering $2,000 and added $375,000 to the provision. The unallocated portion of the allowance increased from 4.3% of total reserves as of December 31, 2020, to 6.0% as of March 31, 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%. 18 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements During the three months ended March 31, 2021, net provision expense was recorded for the commercial real estate sector as well as the consumer sector with credit provisions recorded for the consumer real estate and commercial and industrial sectors. The higher provision in the commercial real estate sector was due to growth in this portfolio of loans since December 31, 2020, as well as an increase in the qualitative factor related to the trends in the nature and volume of this sector. There were minimal charge-offs and recoveries recorded during the three months ended March 31, 2021, so the provision expense was primarily related to an increase in loan balances as well as slightly higher unallocated portion of the allowance. 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 March 31, 2022 and December 31, 2021: ALLOWANCE FOR CREDIT LOSSES AND RECORDED INVESTMENT IN LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Commercial Consumer Commercial As of March 31, 2022: Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Ending balance: individually evaluated for impairment 23 — 228 — — 251 Ending balance: collectively evaluated for impairment 6,085 3,878 2,087 71 607 12,728 Loans receivable: Ending balance 438,132 392,727 112,592 5,141 948,592 Ending balance: individually evaluated for impairment 3,806 — 229 — 4,035 Ending balance: collectively evaluated for impairment 434,326 392,727 112,363 5,141 944,557 Commercial Consumer Commercial As of December 31, 2021: Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Ending balance: individually evaluated for impairment 37 — 110 — — 147 Ending balance: collectively evaluated for impairment 6,226 3,834 2,002 87 635 12,784 Loans receivable: Ending balance 400,760 403,916 109,341 5,132 919,149 Ending balance: individually evaluated for impairment 2,829 — 495 — 3,324 Ending balance: collectively evaluated for impairment 397,931 403,916 108,846 5,132 915,825 |
Fair Value Presentation
Fair Value Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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. 19 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements 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. 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 March 31, 2022, and December 31, 2021, 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) March 31, 2022 Level I Level II Level III Total $ $ $ $ U.S. treasuries — 34,291 — 34,291 U.S. government agencies — 25,891 — 25,891 U.S. agency mortgage-backed securities — 54,077 — 54,077 U.S. agency collateralized mortgage obligations — 34,448 — 34,448 Non-agency MBS/CMO — 23,032 — 23,032 Asset-backed securities — 90,793 — 90,793 Corporate bonds — 78,785 — 78,785 Obligations of states & political subdivisions — 248,176 — 248,176 Equity securities 8,994 — — 8,994 Total securities 8,994 589,493 — 598,487 On March 31, 2022, 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 March 31, 2022, the CRA fund investments had a $7,258,000 book and fair market value and the bank stock portfolio had a book value of $1,623,000, and fair market value of $1,736,000. 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. 20 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, 2021 Level I Level II Level III Total $ $ $ $ U.S. Treasuries — 14,813 — 14,813 U.S. government agencies — 29,021 — 29,021 U.S. agency mortgage-backed securities — 51,988 — 51,988 U.S. agency collateralized mortgage obligations — 31,077 — 31,077 Asset-backed securities — 101,219 — 101,219 Corporate bonds — 82,509 — 82,509 Obligations of states & political subdivisions — 247,466 — 247,466 Equity securities 8,982 — — 8,982 Total securities 8,982 558,093 — 567,075 On December 31, 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 December 31, 2021, the CRA fund investments had a $7,240,000 book and market value and the bank stocks had a book value of $1,570,000 and a market value of $1,742,000. 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 March 31, 2022 and December 31, 2021, by level within the fair value hierarchy: ASSETS MEASURED ON A NONRECURRING BASIS (DOLLARS IN THOUSANDS) March 31, 2022 Level I Level II Level III Total $ $ $ $ Assets: Impaired Loans $ — $ — $ 3,784 $ 3,784 Total $ — $ — $ 3,784 $ 3,784 December 31, 2021 Level I Level II Level III Total $ $ $ $ Assets: Impaired Loans $ — $ — $ 3,177 $ 3,177 Total $ — $ — $ 3,177 $ 3,177 The Corporation had a total of $4,035,000 of impaired loans as of March 31, 2022, with $251,000 of specific allocation against these loans and $3,324,000 of impaired loans as of December 31, 2021, with $147,000 of specific allocation against these loans. The value of impaired loans is generally determined through independent appraisals of the underlying collateral. 21 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) March 31, 2022 Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Avg) Impaired loans 3,784 Appraisal of collateral (1) Appraisal adjustments (2) - 20 % (- 20 %) Liquidation expenses (2) - 10 % (- 10 %) December 31, 2021 Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Avg) Impaired loans 3,177 Appraisal of collateral (1) Appraisal adjustments (2) 0% to -20%) (-20%) Liquidation expenses (2) 0% to -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. 22 Table of Contents 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 March 31, 2022 and December 31, 2021: FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (DOLLARS IN THOUSANDS) March 31, 2022 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 79,154 79,154 79,154 — — Regulatory stock 5,406 5,406 5,406 — — Loans held for sale 2,223 2,223 2,223 — — Loans, net of allowance 937,592 933,932 — — 933,932 Mortgage servicing assets 1,958 2,737 — — 2,737 Accrued interest receivable 5,694 5,694 5,694 — — Bank owned life insurance 35,574 35,574 35,574 — — Financial Liabilities: Demand deposits 675,519 675,519 675,519 — — Interest-bearing demand deposits 66,083 66,083 66,083 — — NOW accounts 134,018 134,018 134,018 — — Money market deposit accounts 164,893 164,893 164,893 — — Savings accounts 363,300 363,300 363,300 — — Time deposits 114,144 112,113 — — 112,113 Total deposits 1,517,957 1,515,926 1,403,813 — 112,113 Long-term debt 44,206 44,042 — — 44,042 Subordinated debt 19,700 18,675 — — 18,675 Accrued interest payable 444 444 444 — — FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (DOLLARS IN THOUSANDS) December 31, 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 158,449 158,449 158,449 — — Regulatory stock 5,380 5,380 5,380 — — Loans held for sale 3,194 3,194 3,194 — — Loans, net of allowance 907,973 914,251 — — 914,251 Mortgage servicing assets 1,768 2,129 — — 2,129 Accrued interest receivable 5,152 5,152 5,152 — — Bank owned life insurance 35,414 35,414 35,414 — — Financial Liabilities: Demand deposits 686,278 686,278 686,278 — — Interest-bearing demand deposits 63,015 63,015 63,015 — — NOW accounts 139,366 139,366 139,366 — — Money market deposit accounts 168,327 168,327 168,327 — — Savings accounts 341,291 341,291 341,291 — — Time deposits 113,936 113,919 — — 113,919 Total deposits 1,512,213 1,512,196 1,398,277 — 113,919 Long-term debt 44,206 43,060 — — 43,060 Subordinated debt 19,680 19,088 — — 19,680 Accrued interest payable 255 255 255 — — |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 6. 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 March 31, 2022, firm loan commitments were $100.5 million, unused lines of credit were $390.9 million, and open letters of credit were $12.1 million. The total of these commitments was $503.5 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) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 7. Accumulated Other Comprehensive Income (Loss) The activity in accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021 is as follows: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (1) (2) (DOLLARS IN THOUSANDS) Unrealized Gains (Losses) on Securities Available-for-Sale $ Balance at December 31, 2021 3,441 Other comprehensive loss before reclassifications ( 23,629 ) Amount reclassified from accumulated other comprehensive income (loss) ( 110 ) Period change ( 23,739 ) Balance at March 31, 2022 ( 20,298 ) Balance at December 31, 2020 7,958 Other comprehensive loss before reclassifications (4,965 ) Amount reclassified from accumulated other comprehensive income (loss) (69 ) Period change (5,034 ) Balance at March 31, 2021 2,924 (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. 24 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 March 31, 2022 2021 Affected Line Item in the $ $ Consolidated Statements of Income Securities available-for-sale: Net securities gains, reclassified into earnings 139 87 Gains on the sale of debt securities, net Related income tax expense ( 29 ) (18 ) Provision for federal income taxes Net effect on accumulated other comprehensive income (loss) for the period 110 69 (1) Amounts in parentheses indicate debits. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Standards | 8. 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 In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326) 25 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements 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 26 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) In March 2022, the FASB issued ASU 2022-01 , Derivatives and Hedging (ASC 815): Fair Value Hedging - Portfolio Layer Method In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (ASC 326): Troubled Debt Restructurings (TDRs) and Vintage Disclosures |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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”). Ephrata National Bank has one wholly-owned subsidiary, ENB Insurance, LLC which is consolidated into its financial statements. This Form 10-Q, for the first quarter of 2022, is reporting on the results of operations and financial condition of ENB Financial Corp on a consolidated basis. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021. |
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) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, and December 31, 2021, are as follows: Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ March 31, 2022 U.S. treasuries 35,683 — ( 1,392 ) 34,291 U.S. government agencies 27,609 2 ( 1,720 ) 25,891 U.S. agency mortgage-backed securities 56,150 50 ( 2,123 ) 54,077 U.S. agency collateralized mortgage obligations 35,640 15 ( 1,207 ) 34,448 Non-agency MBS/CMO 23,307 — ( 275 ) 23,032 Asset-backed securities 91,795 96 ( 1,098 ) 90,793 Corporate bonds 81,973 56 ( 3,244 ) 78,785 Obligations of states and political subdivisions 263,028 698 ( 15,550 ) 248,176 Total securities available for sale 615,185 917 ( 26,609 ) 589,493 December 31, 2021 U.S. Treasuries 14,821 14 (22 ) 14,813 U.S. government agencies 29,613 50 (642 ) 29,021 U.S. agency mortgage-backed securities 51,964 502 (478 ) 51,988 U.S. agency collateralized mortgage obligations 30,917 241 (81 ) 31,077 Asset-backed securities 100,998 605 (384 ) 101,219 Corporate bonds 82,617 420 (528 ) 82,509 Obligations of states and political subdivisions 242,807 5,848 (1,189 ) 247,466 Total securities available for sale 553,737 7,680 (3,324 ) 558,093 |
Schedule of contractual maturity of debt securities | The amortized cost and fair value of securities available for sale at March 31, 2022, 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 29,664 29,220 Due after one year through five years 127,954 124,750 Due after five years through ten years 151,046 143,953 Due after ten years 306,521 291,570 Total debt securities 615,185 589,493 |
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 March 31, 2022 2021 $ $ Proceeds from sales 8,575 50,341 Gross realized gains 139 141 Gross realized losses — (54 ) |
Schedule of securities in an unrealized loss position (temporary impairment) | Information pertaining to securities with gross unrealized losses at March 31, 2022, and December 31, 2021, 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 March 31, 2022 U.S. Treasuries 34,291 ( 1,392 ) — — 34,291 ( 1,392 ) U.S. government agencies 2,001 ( 9 ) 22,689 ( 1,711 ) 24,690 ( 1,720 ) U.S. agency mortgage-backed securities 32,444 ( 1,122 ) 12,274 ( 1,001 ) 44,718 ( 2,123 ) U.S. agency collateralized mortgage obligations 28,325 ( 1,193 ) 2,884 ( 14 ) 31,209 ( 1,207 ) Non-Agency MBS/CMO 9,275 ( 275 ) — — 9,275 ( 275 ) Asset-backed securities 73,552 ( 1,005 ) 5,973 ( 93 ) 79,525 ( 1,098 ) Corporate bonds 54,102 ( 3,244 ) — — 54,102 ( 3,244 ) Obligations of states & political subdivisions 188,073 ( 14,222 ) 9,645 ( 1,328 ) 197,718 ( 15,550 ) Total temporarily impaired securities 422,063 ( 22,462 ) 53,465 ( 4,147 ) 475,528 ( 26,609 ) As of December 31, 2021 U.S. Treasuries 4,959 (22 ) — — 4,959 (22 ) U.S. government agencies 16,386 (519 ) 7,375 (123 ) 23,761 (642 ) U.S. agency mortgage-backed securities 24,090 (468 ) 2,458 (10 ) 26,548 (478 ) U.S. agency collateralized mortgage obligations 14,206 (66 ) 2,965 (15 ) 17,171 (81 ) Asset-backed securities 50,466 (338 ) 2,826 (46 ) 53,292 (384 ) Corporate bonds 44,907 (528 ) — — 44,907 (528 ) Obligations of states & political subdivisions 70,021 (1,043 ) 6,023 (146 ) 76,044 (1,189 ) Total temporarily impaired securities 225,035 (2,984 ) 21,647 (340 ) 246,682 (3,324 ) |
Equity Securities (Tables)
Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021. Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ March 31, 2022 CRA-qualified mutual funds 7,258 — — 7,258 Bank stocks 1,623 120 ( 7 ) 1,736 Total equity securities 8,881 120 ( 7 ) 8,994 Gross Gross (DOLLARS IN THOUSANDS) Amortized Unrealized Unrealized Fair Cost Gains Losses Value $ $ $ $ December 31, 2021 CRA-qualified mutual funds 7,240 — — 7,240 Bank stocks 1,570 184 (12 ) 1,742 Total equity securities 8,810 184 (12 ) 8,982 |
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 months ended March 31, 2022 and 2021, and the portion of unrealized gains and losses for the period that relates to equity investments held as of March 31, 2022 and 2021. NET GAINS AND LOSSES ON EQUITY INVESTMENTS RECOGNIZED IN EARNINGS (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2022 2021 $ $ Net (losses) gains recognized in equity securities during the period ( 8 ) 248 Less: Net gains realized on the sale of equity securities during the period 51 95 Unrealized gains (losses) recognized in equity securities held at reporting date ( 59 ) 153 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of loan portfolio by category | The following table presents the Corporation’s loan portfolio by category of loans as of March 31, 2022, and December 31, 2021: LOAN PORTFOLIO (DOLLARS IN THOUSANDS) March 31, December 31, 2022 2021 $ $ Commercial real estate Commercial mortgages 180,792 177,396 Agriculture mortgages 200,406 203,725 Construction 56,934 19,639 Total commercial real estate 438,132 400,760 Consumer real estate (a) 1-4 family residential mortgages 303,409 317,037 Home equity loans 11,819 11,181 Home equity lines of credit 77,499 75,698 Total consumer real estate 392,727 403,916 Commercial and industrial Commercial and industrial 67,146 65,615 Tax-free loans 23,295 23,009 Agriculture loans 22,151 20,717 Total commercial and industrial 112,592 109,341 Consumer 5,141 5,132 Gross loans prior to deferred fees 948,592 919,149 Deferred loan costs, net 1,979 1,755 Allowance for credit losses ( 12,979 ) (12,931 ) Total net loans 937,592 907,973 (a) Real estate loans serviced for others, which are not included in the Consolidated Balance Sheets, totaled $304,290,000 and $289,263,000 as of March 31, 2022 and December 31, 2021, respectively. |
Schedule of commercial and consumer credit exposure | Commercial Commercial Agriculture and Tax-free Agriculture March 31, 2022 Mortgages Mortgages Construction Industrial Loans Loans Total $ $ $ $ $ $ $ Grade: Pass 177,935 187,837 50,429 57,449 23,295 21,698 518,643 Special Mention 521 4,537 6,505 6,380 — 71 18,014 Substandard 2,336 8,032 — 3,317 — 382 14,067 Doubtful — — — — — — — Loss — — — — — — — Total 180,792 200,406 56,934 67,146 23,295 22,151 550,724 Commercial Commercial Agriculture and Tax-free Agriculture December 31, 2021 Mortgages Mortgages Construction Industrial Loans Loans Total $ $ $ $ $ $ $ Grade: Pass 172,540 192,943 13,544 57,214 23,009 19,980 479,230 Special Mention 2,443 2,542 6,095 4,657 — 90 15,827 Substandard 2,413 8,240 — 3,744 — 647 15,044 Doubtful — — — — — — — Loss — — — — — — — Total 177,396 203,725 19,639 65,615 23,009 20,717 510,101 1-4 Family Home Equity Residential Home Equity Lines of March 31, 2022 Mortgages Loans Credit Consumer Total Payment performance: $ $ $ $ $ Performing 303,372 11,447 77,460 5,132 397,411 Non-performing 37 372 38 9 456 Total 303,409 11,819 77,498 5,141 397,867 1-4 Family Home Equity Residential Home Equity Lines of December 31, 2021 Mortgages Loans Credit Consumer Total Payment performance: $ $ $ $ $ Performing 316,722 11,181 75,659 5,132 408,694 Non-performing 315 — 39 — 354 Total 317,037 11,181 75,698 5,132 409,048 |
Schedule of aging of loans receivable | Loans Receivable > 30-59 Days 60-89 Days Greater than 90 Total Past Total Loans 90 Days and March 31, 2022 Past Due Past Due Days Due Current Receivable Accruing $ $ $ $ $ $ $ Commercial real estate Commercial mortgages — — 171 171 180,621 180,792 — Agriculture mortgages — — 2,744 2,744 197,662 200,406 — Construction — — — — 56,934 56,934 — Consumer real estate 1-4 family residential mortgages 1,050 283 37 1,370 302,039 303,409 — Home equity loans 18 — 372 390 11,429 11,819 — Home equity lines of credit 8 17 38 63 77,436 77,499 38 Commercial and industrial Commercial and industrial 3 32 249 284 66,862 67,146 39 Tax-free loans — — — — 23,295 23,295 — Agriculture loans — — 19 19 22,132 22,151 — Consumer — 1 9 10 5,131 5,141 9 Total 1,079 333 3,639 5,051 943,541 948,592 86 Loans Receivable > 30-59 Days 60-89 Days Greater than 90 Total Past Total Loans 90 Days and December 31, 2020 Past Due Past Due Days Due Current Receivable Accruing $ $ $ $ $ $ $ Commercial real estate Commercial mortgages 22 — 184 206 177,190 177,396 — Agriculture mortgages 232 — 1,838 2,070 201,655 203,725 — Construction — — — — 19,639 19,639 — Consumer real estate 1-4 family residential mortgages 1,464 68 315 1,847 315,190 317,037 276 Home equity loans 19 — — 19 11,162 11,181 — Home equity lines of credit — — 39 39 75,659 75,698 39 Commercial and industrial Commercial and industrial 43 — 395 438 65,177 65,615 10 Tax-free loans — — — — 23,009 23,009 — Agriculture loans — 9 110 119 20,598 20,717 — Consumer 22 — — 22 5,110 5,132 — Total 1,802 77 2,881 4,760 914,389 919,149 325 |
Schedule of nonaccrual loans by class | March 31, December 31, 2022 2021 $ $ Commercial real estate Commercial mortgages 171 184 Agriculture mortgages 2,744 1,838 Construction — — Consumer real estate 1-4 family residential mortgages 37 39 Home equity loans 372 — Home equity lines of credit — — Commercial and industrial Commercial and industrial 210 385 Tax-free loans — — Agriculture loans 19 110 Consumer — — Total 3,553 2,556 |
Schedule of impaired loans | As of March 31, 2022 and December 31, 2021, all of the Corporation’s commercial loans on nonaccrual status were also considered impaired. Information with respect to impaired loans for the three months ended March 31, 2022 and March 31, 2021, is as follows: IMPAIRED LOANS (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2022 2021 $ $ Average recorded balance of impaired loans 2,878 5,739 Interest income recognized on impaired loans 8 66 IMPAIRED LOAN ANALYSIS (DOLLARS IN THOUSANDS) Unpaid Recorded Principal Related March 31, 2022 Investment Balance Allowance $ $ $ With no related allowance recorded: Commercial real estate Commercial mortgages 579 619 — Agriculture mortgages 2,690 2,720 — Construction — — — Total commercial real estate 3,269 3,339 — Commercial and industrial Commercial and industrial — — — Tax-free loans — — — Agriculture loans — — — Total commercial and industrial — — — Total with no related allowance 3,269 3,339 — With an allowance recorded: Commercial real estate Commercial mortgages — — — Agriculture mortgages 537 550 23 Construction — — — Total commercial real estate 537 550 23 Commercial and industrial Commercial and industrial 210 210 209 Tax-free loans — — — Agriculture loans 19 20 19 Total commercial and industrial 229 230 228 Total with a related allowance 766 780 251 Total by loan class: Commercial real estate Commercial mortgages 579 619 — Agriculture mortgages 3,227 3,270 23 Construction — — — Total commercial real estate 3,806 3,889 23 Commercial and industrial Commercial and industrial 210 210 209 Tax-free loans — — — Agriculture loans 19 20 19 Total commercial and industrial 229 230 228 Total 4,035 4,119 251 16 Table of Contents ENB FINANCIAL CORP Notes to the Unaudited Consolidated Interim Financial Statements IMPAIRED LOAN ANALYSIS (DOLLARS IN THOUSANDS) Unpaid Recorded Principal Related December 31, 2021 Investment Balance Allowance $ $ $ With no related allowance recorded: Commercial real estate Commercial mortgages 223 263 — Agriculture mortgages 2,055 2,066 — Construction — — — Total commercial real estate 2,278 2,329 — Commercial and industrial Commercial and industrial 385 438 — Tax-free loans — — — Agriculture loans — — — Total commercial and industrial 385 438 — Total with no related allowance 2,663 2,767 — With an allowance recorded: Commercial real estate Commercial mortgages — — — Agriculture mortgages 551 559 37 Construction — — — Total commercial real estate 551 559 37 Commercial and industrial Commercial and industrial — — — Tax-free loans — — — Agriculture loans 110 111 110 Total commercial and industrial 110 111 110 Total with a related allowance 661 670 147 Total by loan class: Commercial real estate Commercial mortgages 223 263 — Agriculture mortgages 2,606 2,625 37 Construction — — — Total commercial real estate 2,829 2,888 37 Commercial and industrial Commercial and industrial 385 438 — Tax-free loans — — — Agriculture loans 110 111 110 Total commercial and industrial 495 549 110 Total 3,324 3,437 147 |
Schedule of allowance for credit losses | The following table details activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2022: 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, 2021 6,263 3,834 2,112 87 635 12,931 Charge-offs ( 65 ) — — ( 1 ) — (66 ) Recoveries — 3 10 1 — 14 Provision ( 90 ) 41 193 ( 16 ) ( 28 ) 100 Balance - March 31, 2022 6,108 3,878 2,315 71 607 12,979 The following table details activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 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 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 March 31, 2022 and December 31, 2021: ALLOWANCE FOR CREDIT LOSSES AND RECORDED INVESTMENT IN LOANS RECEIVABLE (DOLLARS IN THOUSANDS) Commercial Consumer Commercial As of March 31, 2022: Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Ending balance: individually evaluated for impairment 23 — 228 — — 251 Ending balance: collectively evaluated for impairment 6,085 3,878 2,087 71 607 12,728 Loans receivable: Ending balance 438,132 392,727 112,592 5,141 948,592 Ending balance: individually evaluated for impairment 3,806 — 229 — 4,035 Ending balance: collectively evaluated for impairment 434,326 392,727 112,363 5,141 944,557 Commercial Consumer Commercial As of December 31, 2021: Real Estate Real Estate and Industrial Consumer Unallocated Total $ $ $ $ $ $ Allowance for credit losses: Ending balance: individually evaluated for impairment 37 — 110 — — 147 Ending balance: collectively evaluated for impairment 6,226 3,834 2,002 87 635 12,784 Loans receivable: Ending balance 400,760 403,916 109,341 5,132 919,149 Ending balance: individually evaluated for impairment 2,829 — 495 — 3,324 Ending balance: collectively evaluated for impairment 397,931 403,916 108,846 5,132 915,825 |
Fair Value Presentation (Tables
Fair Value Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured on a recurring basis | March 31, 2022 Level I Level II Level III Total $ $ $ $ U.S. treasuries — 34,291 — 34,291 U.S. government agencies — 25,891 — 25,891 U.S. agency mortgage-backed securities — 54,077 — 54,077 U.S. agency collateralized mortgage obligations — 34,448 — 34,448 Non-agency MBS/CMO — 23,032 — 23,032 Asset-backed securities — 90,793 — 90,793 Corporate bonds — 78,785 — 78,785 Obligations of states & political subdivisions — 248,176 — 248,176 Equity securities 8,994 — — 8,994 Total securities 8,994 589,493 — 598,487 December 31, 2021 Level I Level II Level III Total $ $ $ $ U.S. Treasuries — 14,813 — 14,813 U.S. government agencies — 29,021 — 29,021 U.S. agency mortgage-backed securities — 51,988 — 51,988 U.S. agency collateralized mortgage obligations — 31,077 — 31,077 Asset-backed securities — 101,219 — 101,219 Corporate bonds — 82,509 — 82,509 Obligations of states & political subdivisions — 247,466 — 247,466 Equity securities 8,982 — — 8,982 Total securities 8,982 558,093 — 567,075 |
Schedule of assets measured on a nonrecurring basis | March 31, 2022 Level I Level II Level III Total $ $ $ $ Assets: Impaired Loans $ — $ — $ 3,784 $ 3,784 Total $ — $ — $ 3,784 $ 3,784 December 31, 2021 Level I Level II Level III Total $ $ $ $ Assets: Impaired Loans $ — $ — $ 3,177 $ 3,177 Total $ — $ — $ 3,177 $ 3,177 |
Schedule of Level III inputs | March 31, 2022 Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Avg) Impaired loans 3,784 Appraisal of collateral (1) Appraisal adjustments (2) - 20 % (- 20 %) Liquidation expenses (2) - 10 % (- 10 %) December 31, 2021 Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Avg) Impaired loans 3,177 Appraisal of collateral (1) Appraisal adjustments (2) 0% to -20%) (-20%) Liquidation expenses (2) 0% to -10% (-10%) |
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 March 31, 2022 and December 31, 2021: FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (DOLLARS IN THOUSANDS) March 31, 2022 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 79,154 79,154 79,154 — — Regulatory stock 5,406 5,406 5,406 — — Loans held for sale 2,223 2,223 2,223 — — Loans, net of allowance 937,592 933,932 — — 933,932 Mortgage servicing assets 1,958 2,737 — — 2,737 Accrued interest receivable 5,694 5,694 5,694 — — Bank owned life insurance 35,574 35,574 35,574 — — Financial Liabilities: Demand deposits 675,519 675,519 675,519 — — Interest-bearing demand deposits 66,083 66,083 66,083 — — NOW accounts 134,018 134,018 134,018 — — Money market deposit accounts 164,893 164,893 164,893 — — Savings accounts 363,300 363,300 363,300 — — Time deposits 114,144 112,113 — — 112,113 Total deposits 1,517,957 1,515,926 1,403,813 — 112,113 Long-term debt 44,206 44,042 — — 44,042 Subordinated debt 19,700 18,675 — — 18,675 Accrued interest payable 444 444 444 — — FINANCIAL INSTRUMENTS NOT REQUIRED TO BE MEASURED OR REPORTED AT FAIR VALUE (DOLLARS IN THOUSANDS) December 31, 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 158,449 158,449 158,449 — — Regulatory stock 5,380 5,380 5,380 — — Loans held for sale 3,194 3,194 3,194 — — Loans, net of allowance 907,973 914,251 — — 914,251 Mortgage servicing assets 1,768 2,129 — — 2,129 Accrued interest receivable 5,152 5,152 5,152 — — Bank owned life insurance 35,414 35,414 35,414 — — Financial Liabilities: Demand deposits 686,278 686,278 686,278 — — Interest-bearing demand deposits 63,015 63,015 63,015 — — NOW accounts 139,366 139,366 139,366 — — Money market deposit accounts 168,327 168,327 168,327 — — Savings accounts 341,291 341,291 341,291 — — Time deposits 113,936 113,919 — — 113,919 Total deposits 1,512,213 1,512,196 1,398,277 — 113,919 Long-term debt 44,206 43,060 — — 43,060 Subordinated debt 19,680 19,088 — — 19,680 Accrued interest payable 255 255 255 — — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of accumulated other comprehensive loss | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (1) (2) (DOLLARS IN THOUSANDS) Unrealized Gains (Losses) on Securities Available-for-Sale $ Balance at December 31, 2021 3,441 Other comprehensive loss before reclassifications ( 23,629 ) Amount reclassified from accumulated other comprehensive income (loss) ( 110 ) Period change ( 23,739 ) Balance at March 31, 2022 ( 20,298 ) Balance at December 31, 2020 7,958 Other comprehensive loss before reclassifications (4,965 ) Amount reclassified from accumulated other comprehensive income (loss) (69 ) Period change (5,034 ) Balance at March 31, 2021 2,924 (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. 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 March 31, 2022 2021 Affected Line Item in the $ $ Consolidated Statements of Income Securities available-for-sale: Net securities gains, reclassified into earnings 139 87 Gains on the sale of debt securities, net Related income tax expense ( 29 ) (18 ) Provision for federal income taxes Net effect on accumulated other comprehensive income (loss) for the period 110 69 (1) Amounts in parentheses indicate debits. |
Securities Available for Sale_2
Securities Available for Sale (Narrative) (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale debt securities pledged or restricted for public funds, par value | $ 88,591 | $ 94,283 |
Available for sale debt securities pledged or restricted for public funds, fair value | $ 86,576 | $ 96,521 |
Number of securities considered temporarily impaired | 0 | 0 |
Securities Available for Sale_3
Securities Available for Sale (Schedule of Amortized Cost and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Securities Available For Sale | |||
Amortized Cost | $ 615,185 | $ 553,737 | |
Gross Unrealized Gains | 917 | 7,680 | |
Gross Unrealized Losses | (26,609) | (3,324) | |
Fair Value | 589,493 | 558,093 | $ 531,600 |
U.S. treasuries [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 35,683 | 14,821 | |
Gross Unrealized Gains | 14 | ||
Gross Unrealized Losses | (1,392) | (22) | |
Fair Value | 34,291 | 14,813 | |
U.S. Government Agencies [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 27,609 | 29,613 | |
Gross Unrealized Gains | 2 | 50 | |
Gross Unrealized Losses | (1,720) | (642) | |
Fair Value | 25,891 | 29,021 | |
U.S. Agency Mortgage-Backed Securities [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 56,150 | 51,964 | |
Gross Unrealized Gains | 50 | 502 | |
Gross Unrealized Losses | (2,123) | (478) | |
Fair Value | 54,077 | 51,988 | |
U.S. Agency Collateralized Mortgage Obligations [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 35,640 | 30,917 | |
Gross Unrealized Gains | 15 | 241 | |
Gross Unrealized Losses | (1,207) | (81) | |
Fair Value | 34,448 | 31,077 | |
Non Agency MBS/CMO [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 23,307 | ||
Gross Unrealized Gains | |||
Gross Unrealized Losses | (275) | ||
Fair Value | 23,032 | ||
Asset-Backed Securities [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 91,795 | 100,998 | |
Gross Unrealized Gains | 96 | 605 | |
Gross Unrealized Losses | (1,098) | (384) | |
Fair Value | 90,793 | 101,219 | |
Corporate Bonds [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 81,973 | 82,617 | |
Gross Unrealized Gains | 56 | 420 | |
Gross Unrealized Losses | (3,244) | (528) | |
Fair Value | 78,785 | 82,509 | |
Obligations of States and Political Subdivisions [Member] | |||
Securities Available For Sale | |||
Amortized Cost | 263,028 | 242,807 | |
Gross Unrealized Gains | 698 | 5,848 | |
Gross Unrealized Losses | (15,550) | (1,189) | |
Fair Value | $ 248,176 | $ 247,466 |
Securities Available for Sale_4
Securities Available for Sale (Schedule of Contractual Maturity of Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Contractual maturity of debt securities, Amortized Cost | |||
Due in one year or less | $ 29,664 | ||
Due after one year through five years | 127,954 | ||
Due after five years through ten years | 151,046 | ||
Due after ten years | 306,521 | ||
Amortized Cost | 615,185 | $ 553,737 | |
Contractual maturity of debt securities, Fair Value | |||
Due in one year or less | 29,220 | ||
Due after one year through five years | 124,750 | ||
Due after five years through ten years | 143,953 | ||
Due after ten years | 291,570 | ||
Total debt securities | $ 589,493 | $ 558,093 | $ 531,600 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 8,575 | $ 50,341 |
Gross realized gains | 139 | 141 |
Gross realized losses | $ (54) |
Securities Available for Sale_6
Securities Available for Sale (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value | ||
Less than 12 months | $ 422,063 | $ 225,035 |
More than 12 months | 53,465 | 21,647 |
Total | 475,528 | 246,682 |
Gross Unrealized Losses | ||
Less than 12 months | (22,462) | (2,984) |
More than 12 months | (4,147) | (340) |
Total | (26,609) | (3,324) |
U.S. treasuries [Member] | ||
Fair Value | ||
Less than 12 months | 34,291 | 4,959 |
More than 12 months | ||
Total | 34,291 | 4,959 |
Gross Unrealized Losses | ||
Less than 12 months | (1,392) | (22) |
More than 12 months | ||
Total | (1,392) | (22) |
U.S. Government Agencies [Member] | ||
Fair Value | ||
Less than 12 months | 2,001 | 16,386 |
More than 12 months | 22,689 | 7,375 |
Total | 24,690 | 23,761 |
Gross Unrealized Losses | ||
Less than 12 months | (9) | (519) |
More than 12 months | (1,711) | (123) |
Total | (1,720) | (642) |
U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value | ||
Less than 12 months | 32,444 | 24,090 |
More than 12 months | 12,274 | 2,458 |
Total | 44,718 | 26,548 |
Gross Unrealized Losses | ||
Less than 12 months | (1,122) | (468) |
More than 12 months | (1,001) | (10) |
Total | (2,123) | (478) |
U.S. Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value | ||
Less than 12 months | 28,325 | 14,206 |
More than 12 months | 2,884 | 2,965 |
Total | 31,209 | 17,171 |
Gross Unrealized Losses | ||
Less than 12 months | (1,193) | (66) |
More than 12 months | (14) | (15) |
Total | (1,207) | (81) |
Non-agency MBS/CMO [Member] | ||
Fair Value | ||
Less than 12 months | 9,275 | |
More than 12 months | ||
Total | 9,275 | |
Gross Unrealized Losses | ||
Less than 12 months | (275) | |
More than 12 months | ||
Total | (275) | |
Asset-backed Securities [Member] | ||
Fair Value | ||
Less than 12 months | 73,552 | 50,466 |
More than 12 months | 5,973 | 2,826 |
Total | 79,525 | 53,292 |
Gross Unrealized Losses | ||
Less than 12 months | (1,005) | (338) |
More than 12 months | (93) | (46) |
Total | (1,098) | (384) |
Corporate Bonds [Member] | ||
Fair Value | ||
Less than 12 months | 54,102 | 44,907 |
More than 12 months | ||
Total | 54,102 | 44,907 |
Gross Unrealized Losses | ||
Less than 12 months | (3,244) | (528) |
More than 12 months | ||
Total | (3,244) | (528) |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value | ||
Less than 12 months | 188,073 | 70,021 |
More than 12 months | 9,645 | 6,023 |
Total | 197,718 | 76,044 |
Gross Unrealized Losses | ||
Less than 12 months | (14,222) | (1,043) |
More than 12 months | (1,328) | (146) |
Total | $ (15,550) | $ (1,189) |
Equity Securities (Schedule of
Equity Securities (Schedule of Amortized Cost, Gross Unrealized gains, Losses, and Fair Value of Equity Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Net Investment Income [Line Items] | |||
Amortized Cost | $ 615,185 | $ 553,737 | |
Gross Unrealized Gains | 917 | 7,680 | |
Gross Unrealized Losses | (26,609) | (3,324) | |
Fair Value | 589,493 | 558,093 | $ 531,600 |
CRA-qualified mutual funds [Member] | |||
Net Investment Income [Line Items] | |||
Amortized Cost | 7,258 | 7,240 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Fair Value | 7,258 | 7,240 | |
Bank stocks [Member] | |||
Net Investment Income [Line Items] | |||
Amortized Cost | 1,623 | 1,570 | |
Gross Unrealized Gains | 120 | 184 | |
Gross Unrealized Losses | (7) | (12) | |
Fair Value | 1,736 | 1,742 | |
Equity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Amortized Cost | 8,881 | 8,810 | |
Gross Unrealized Gains | 120 | 184 | |
Gross Unrealized Losses | (7) | (12) | |
Fair Value | $ 8,994 | $ 8,982 |
Equity Securities (Schedule o_2
Equity Securities (Schedule of Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Marketable Securities [Abstract] | ||
Net gains (losses) recognized in equity securities during the period | $ (8) | $ 248 |
Less: Net gains realized on the sale of equity securities during the period | 51 | 95 |
Unrealized gains (losses) recognized in equity securities held at reporting date | $ (59) | $ 153 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Additional provision for loan losses | $ 100 | $ 375 | ||
Recoveries of loan losses | 14 | 2 | ||
Charge-offs | $ 66 | $ 14 | ||
Unallocated portion of allowance, percentage | 4.70% | 6.00% | 4.90% | 4.30% |
Provision for specific allocation | $ 100 | |||
Loans Serviced for Others [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real estate loans serviced for others | 304,290 | $ 289,263 | ||
Two Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
TDRs loan | $ 483 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Schedule of Loan Portfolio by Category) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Loan Portfolio | |||||
Gross loans prior to deferred fees | $ 948,592 | $ 919,149 | |||
Less: Deferred loan costs, net | 1,979 | 1,755 | |||
Allowance for credit losses | (12,979) | (12,931) | $ (12,690) | $ (12,327) | |
Total net loans | 937,592 | 907,973 | 829,244 | ||
Home Equity Loan [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 11,819 | 11,181 | |||
Home Equity Lines of Credit [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 77,498 | 75,698 | |||
Commercial Real Estate [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 438,132 | 400,760 | |||
Allowance for credit losses | (6,108) | (6,263) | (6,502) | (6,329) | |
Commercial Real Estate [Member] | Mortgages [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 180,792 | 177,396 | |||
Commercial Real Estate [Member] | Agricultural Sector [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 200,406 | 203,725 | |||
Commercial Real Estate [Member] | Construction [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 56,934 | 19,639 | |||
Consumer Real Estate [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 392,727 | 403,916 | |||
Allowance for credit losses | (3,878) | (3,834) | (3,408) | (3,449) | |
Consumer Real Estate [Member] | 1-4 Family Residential Mortgages [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | [1] | 303,409 | 317,037 | ||
Consumer Real Estate [Member] | Home Equity Loan [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | [1] | 11,819 | 11,181 | ||
Consumer Real Estate [Member] | Home Equity Lines of Credit [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | [1] | 77,499 | 75,698 | ||
Commercial and Industrial [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 112,592 | 109,341 | |||
Commercial and Industrial [Member] | Agricultural Sector [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 22,151 | 20,717 | |||
Commercial and Industrial [Member] | Commercial and Industrial Sector [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 67,146 | 65,615 | |||
Commercial and Industrial [Member] | Tax-free loans [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 23,295 | 23,009 | |||
Consumer Portfolio Segment [Member] | |||||
Loan Portfolio | |||||
Gross loans prior to deferred fees | 5,141 | 5,132 | |||
Allowance for credit losses | $ (71) | $ (87) | $ (59) | $ (52) | |
[1] | Real estate loans serviced for others, which are not included in the Consolidated Balance Sheets, totaled $304,290,000 and $289,263,000 as of March 31, 2022 and December 31, 2021, respectively. |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Schedule of Commercial and Consumer Credit Exposure) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Total | $ 550,724 | $ 510,101 |
Construction [Member] | ||
Total | 56,934 | 19,639 |
Agricultural Mortgages [Member] | ||
Total | 200,406 | 203,725 |
Commercial and Industrial [Member] | ||
Total | 67,146 | 65,615 |
Tax-free Loans [Member] | ||
Total | 23,295 | 23,009 |
Agriculture Loans [Member] | ||
Total | 22,151 | 20,717 |
Commercial Mortgages [Member] | ||
Total | 180,792 | 177,396 |
Pass [Member] | ||
Total | 518,643 | 479,230 |
Pass [Member] | Construction [Member] | ||
Total | 50,429 | 13,544 |
Pass [Member] | Agricultural Mortgages [Member] | ||
Total | 187,837 | 192,943 |
Pass [Member] | Commercial and Industrial [Member] | ||
Total | 57,449 | 57,214 |
Pass [Member] | Tax-free Loans [Member] | ||
Total | 23,295 | 23,009 |
Pass [Member] | Agriculture Loans [Member] | ||
Total | 21,698 | 19,980 |
Pass [Member] | Commercial Mortgages [Member] | ||
Total | 177,935 | 172,540 |
Special Mention [Member] | ||
Total | 18,014 | 15,827 |
Special Mention [Member] | Construction [Member] | ||
Total | 6,505 | 6,095 |
Special Mention [Member] | Agricultural Mortgages [Member] | ||
Total | 4,537 | 2,542 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Total | 6,380 | 4,657 |
Special Mention [Member] | Tax-free Loans [Member] | ||
Total | ||
Special Mention [Member] | Agriculture Loans [Member] | ||
Total | 71 | 90 |
Special Mention [Member] | Commercial Mortgages [Member] | ||
Total | 521 | 2,443 |
Substandard [Member] | ||
Total | 14,067 | 15,044 |
Substandard [Member] | Construction [Member] | ||
Total | ||
Substandard [Member] | Agricultural Mortgages [Member] | ||
Total | 8,032 | 8,240 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Total | 3,317 | 3,744 |
Substandard [Member] | Tax-free Loans [Member] | ||
Total | ||
Substandard [Member] | Agriculture Loans [Member] | ||
Total | 382 | 647 |
Substandard [Member] | Commercial Mortgages [Member] | ||
Total | 2,336 | 2,413 |
Doubtful [Member] | ||
Total | ||
Doubtful [Member] | Construction [Member] | ||
Total | ||
Doubtful [Member] | Agricultural Mortgages [Member] | ||
Total | ||
Doubtful [Member] | Commercial and Industrial [Member] | ||
Total | ||
Doubtful [Member] | Tax-free Loans [Member] | ||
Total | ||
Doubtful [Member] | Agriculture Loans [Member] | ||
Total | ||
Doubtful [Member] | Commercial Mortgages [Member] | ||
Total | ||
Loss [Member] | ||
Total | ||
Loss [Member] | Construction [Member] | ||
Total | ||
Loss [Member] | Agricultural Mortgages [Member] | ||
Total | ||
Loss [Member] | Commercial and Industrial [Member] | ||
Total | ||
Loss [Member] | Tax-free Loans [Member] | ||
Total | ||
Loss [Member] | Agriculture Loans [Member] | ||
Total | ||
Loss [Member] | Commercial Mortgages [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 | Mar. 31, 2022 | Dec. 31, 2021 |
Gross loans prior to deferred fees | $ 948,592 | $ 919,149 |
Consumer Borrower [Member] | ||
Gross loans prior to deferred fees | 397,867 | 409,048 |
Home Equity Loan [Member] | ||
Gross loans prior to deferred fees | 11,819 | 11,181 |
Home Equity Lines of Credit [Member] | ||
Gross loans prior to deferred fees | 77,498 | 75,698 |
1-4 Family Residential Mortgages [Member] | ||
Gross loans prior to deferred fees | 303,409 | 317,037 |
Consumer [Member] | ||
Gross loans prior to deferred fees | 5,141 | 5,132 |
Performing [Member] | ||
Gross loans prior to deferred fees | 397,411 | 408,694 |
Performing [Member] | Home Equity Loan [Member] | ||
Gross loans prior to deferred fees | 11,447 | 11,181 |
Performing [Member] | Home Equity Lines of Credit [Member] | ||
Gross loans prior to deferred fees | 77,460 | 75,659 |
Performing [Member] | 1-4 Family Residential Mortgages [Member] | ||
Gross loans prior to deferred fees | 303,372 | 316,722 |
Performing [Member] | Consumer [Member] | ||
Gross loans prior to deferred fees | 5,132 | 5,132 |
Nonperforming [Member] | ||
Gross loans prior to deferred fees | 456 | 354 |
Nonperforming [Member] | Home Equity Loan [Member] | ||
Gross loans prior to deferred fees | 372 | |
Nonperforming [Member] | Home Equity Lines of Credit [Member] | ||
Gross loans prior to deferred fees | 38 | 39 |
Nonperforming [Member] | 1-4 Family Residential Mortgages [Member] | ||
Gross loans prior to deferred fees | 37 | 315 |
Nonperforming [Member] | Consumer [Member] | ||
Gross loans prior to deferred fees | $ 9 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Schedule of Aging of Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 5,051 | $ 4,760 |
Current | 943,541 | 914,389 |
Total Loans Receivable | 948,592 | 919,149 |
Loans Receivable - Greater than 90 Days and Accruing | 86 | 325 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,079 | 1,802 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 333 | 77 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,639 | 2,881 |
1-4 Family Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 303,409 | 317,037 |
Commercial real estate [Member] | Commercial mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 171 | 206 |
Current | 180,621 | 177,190 |
Total Loans Receivable | 180,792 | 177,396 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Commercial real estate [Member] | Commercial mortgages [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 22 | |
Commercial real estate [Member] | Commercial mortgages [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate [Member] | Commercial mortgages [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 171 | 184 |
Commercial real estate [Member] | Agriculture mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,744 | 2,070 |
Current | 197,662 | 201,655 |
Total Loans Receivable | 200,406 | 203,725 |
Loans Receivable - Greater than 90 Days and Accruing | ||
Commercial real estate [Member] | Agriculture mortgages [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 232 | |
Commercial real estate [Member] | Agriculture mortgages [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate [Member] | Agriculture mortgages [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,744 | 1,838 |
Commercial real estate [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Current | 56,934 | 19,639 |
Total Loans Receivable | 56,934 | 19,639 |
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 | 1,370 | 1,847 |
Current | 302,039 | 315,190 |
Total Loans Receivable | 303,409 | 317,037 |
Loans Receivable - Greater than 90 Days and Accruing | 276 | |
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 | 1,050 | 1,464 |
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 | 283 | 68 |
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 | 37 | 315 |
Consumer Real Estate [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 390 | 19 |
Current | 11,429 | 11,162 |
Total Loans Receivable | 11,819 | 11,181 |
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 | 18 | 19 |
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 | 372 | |
Consumer Real Estate [Member] | Home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 63 | 39 |
Current | 77,436 | 75,659 |
Total Loans Receivable | 77,499 | 75,698 |
Loans Receivable - Greater than 90 Days and Accruing | 38 | 39 |
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 | 8 | |
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 | 17 | |
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 | 38 | 39 |
Commercial and Industrial Sector [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 284 | 438 |
Current | 66,862 | 65,177 |
Total Loans Receivable | 67,146 | 65,615 |
Loans Receivable - Greater than 90 Days and Accruing | 39 | 10 |
Commercial and Industrial Sector [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3 | 43 |
Commercial and Industrial Sector [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 32 | |
Commercial and Industrial Sector [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 249 | 395 |
Commercial and Industrial Sector [Member] | Tax-free loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Current | 23,295 | 23,009 |
Total Loans Receivable | 23,295 | 23,009 |
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 | 19 | 119 |
Current | 22,132 | 20,598 |
Total Loans Receivable | 22,151 | 20,717 |
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 | ||
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 9 | |
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 19 | 110 |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 10 | 22 |
Current | 5,131 | 5,110 |
Total Loans Receivable | 5,141 | 5,132 |
Loans Receivable - Greater than 90 Days and Accruing | 9 | |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 22 | |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1 | |
Consumer [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 9 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Schedule of Nonaccrual Loans by Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | $ 3,553 | $ 2,556 |
Commercial real estate [Member] | Commercial mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | 171 | 184 |
Commercial real estate [Member] | Agriculture mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | 2,744 | 1,838 |
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 | 37 | 39 |
Consumer Real Estate [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans | 372 | |
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 | 210 | 385 |
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 | 19 | 110 |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual Loans |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Schedule of Corporation's commercial loans on nonaccrual) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Loans And Allowance For Credit Losses Schedule Of Corporations Commercial Loans On Nonaccrual | ||
Average recorded balance of impaired loans | $ 2,878 | $ 5,739 |
Interest income recognized on impaired loans | $ 8 | $ 66 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Schedule of Impaired Loans by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans with no related allowance recorded: | ||
Recorded Investment | $ 3,269 | $ 2,663 |
Unpaid Principal Balance | 3,339 | 2,767 |
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | 766 | 661 |
Unpaid Principal Balance | 780 | 670 |
Related Allowance | 251 | 147 |
Total impaired loans | ||
Recorded Investment | 4,035 | 3,324 |
Unpaid Principal Balance | 4,119 | 3,437 |
Related Allowance | 251 | 147 |
Commercial real estate [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 3,269 | 2,278 |
Unpaid Principal Balance | 3,339 | 2,329 |
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | 537 | 551 |
Unpaid Principal Balance | 550 | 559 |
Related Allowance | 23 | 37 |
Total impaired loans | ||
Recorded Investment | 3,806 | 2,829 |
Unpaid Principal Balance | 3,889 | 2,888 |
Related Allowance | 23 | 37 |
Commercial real estate [Member] | Commercial mortgages [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 579 | 223 |
Unpaid Principal Balance | 619 | 263 |
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Total impaired loans | ||
Recorded Investment | 579 | 223 |
Unpaid Principal Balance | 619 | 263 |
Related Allowance | ||
Commercial real estate [Member] | Agriculture mortgages [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 2,690 | 2,055 |
Unpaid Principal Balance | 2,720 | 2,066 |
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | 537 | 551 |
Unpaid Principal Balance | 550 | 559 |
Related Allowance | 23 | 37 |
Total impaired loans | ||
Recorded Investment | 3,227 | 2,606 |
Unpaid Principal Balance | 3,270 | 2,625 |
Related Allowance | 23 | 37 |
Commercial real estate [Member] | Construction [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Total impaired loans | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Commercial and Industrial Sector [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 385 | |
Unpaid Principal Balance | 438 | |
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | 210 | |
Unpaid Principal Balance | 210 | |
Related Allowance | 209 | |
Total impaired loans | ||
Recorded Investment | 210 | 385 |
Unpaid Principal Balance | 210 | 438 |
Related Allowance | 209 | |
Commercial and Industrial Sector [Member] | Tax-free loans [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Total impaired loans | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Commercial and Industrial Sector [Member] | Agriculture loans [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | 19 | 110 |
Unpaid Principal Balance | 20 | 111 |
Related Allowance | 19 | 110 |
Total impaired loans | ||
Recorded Investment | 19 | 110 |
Unpaid Principal Balance | 20 | 111 |
Related Allowance | 19 | 110 |
Total Commercial and Industrial Sector [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 385 | |
Unpaid Principal Balance | 438 | |
Related Allowance | ||
Loans with an allowance recorded: | ||
Recorded Investment | 229 | 110 |
Unpaid Principal Balance | 230 | 111 |
Related Allowance | 228 | 110 |
Total impaired loans | ||
Recorded Investment | 229 | 495 |
Unpaid Principal Balance | 230 | 549 |
Related Allowance | $ 228 | $ 110 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning balance | $ 12,931 | $ 12,327 |
Charge-offs | (66) | (14) |
Recoveries | 14 | 2 |
Provision | 100 | 375 |
Ending balance | 12,979 | 12,690 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning balance | 6,263 | 6,329 |
Charge-offs | (65) | |
Recoveries | ||
Provision | (90) | 173 |
Ending balance | 6,108 | 6,502 |
Consumer Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning balance | 3,834 | 3,449 |
Charge-offs | ||
Recoveries | 3 | |
Provision | 41 | (41) |
Ending balance | 3,878 | 3,408 |
Commercial and Industrial Sector [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning balance | 2,112 | 1,972 |
Charge-offs | ||
Recoveries | 10 | 1 |
Provision | 193 | (15) |
Ending balance | 2,315 | 1,958 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning balance | 87 | 52 |
Charge-offs | (1) | (14) |
Recoveries | 1 | 1 |
Provision | (16) | 20 |
Ending balance | 71 | 59 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning balance | 635 | 525 |
Charge-offs | ||
Recoveries | ||
Provision | (28) | 238 |
Ending balance | $ 607 | $ 763 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for credit losses: | ||
Ending balance: individually evaluated for impairment | $ 251 | $ 147 |
Ending balance: collectively evaluated for impairment | 12,728 | 12,784 |
Loans receivable: | ||
Ending balance | 948,592 | 919,149 |
Ending balance: individually evaluated for impairment | 4,035 | 3,324 |
Ending balance: collectively evaluated for impairment | 944,557 | 915,825 |
Commercial Real Estate [Member] | ||
Allowance for credit losses: | ||
Ending balance: individually evaluated for impairment | 23 | 37 |
Ending balance: collectively evaluated for impairment | 6,085 | 6,226 |
Loans receivable: | ||
Ending balance | 438,132 | 400,760 |
Ending balance: individually evaluated for impairment | 3,806 | 2,829 |
Ending balance: collectively evaluated for impairment | 434,326 | 397,931 |
Consumer Real Estate [Member] | ||
Allowance for credit losses: | ||
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 3,878 | 3,834 |
Loans receivable: | ||
Ending balance | 392,727 | 403,916 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 392,727 | 403,916 |
Commercial and Industrial Sector [Member] | ||
Allowance for credit losses: | ||
Ending balance: individually evaluated for impairment | 228 | 110 |
Ending balance: collectively evaluated for impairment | 2,087 | 2,002 |
Loans receivable: | ||
Ending balance | 112,592 | 109,341 |
Ending balance: individually evaluated for impairment | 229 | 495 |
Ending balance: collectively evaluated for impairment | 112,363 | 108,846 |
Consumer [Member] | ||
Allowance for credit losses: | ||
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 71 | 87 |
Loans receivable: | ||
Ending balance | 5,141 | 5,132 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 5,141 | 5,132 |
Unallocated [Member] | ||
Allowance for credit losses: | ||
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | $ 607 | $ 635 |
Fair Value Presentation (Narrat
Fair Value Presentation (Narrative) (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities, book value | $ 598,487,000 | $ 567,075,000 | |
Marketable equity securities, market value | 8,994,000 | 8,982,000 | $ 7,217,000 |
Impaired Financing Receivable, Recorded Investment | 4,035,000 | 3,324,000 | |
Related Allowance | 251,000 | 147,000 | |
CRA Investment Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities, book value | 7,258,000 | 7,240,000 | |
Regulatory Bank Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities, book value | 1,623,000 | $ 1,570,000 | |
Regulatory Bank Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities, market value | $ 1,736,000 |
Fair Value Presentation (Schedu
Fair Value Presentation (Schedule of Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | $ 598,487 | $ 567,075 |
Fair Value Measured on a Recurring Basis [Member] | Equity Securities [Member] | ||
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | 8,994 | 8,982 |
Fair Value Measured on a Recurring Basis [Member] | Non-agency MBS/CMO [Member] | ||
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | 23,032 | |
Fair Value Measured on a Recurring Basis [Member] | Asset-backed Securities [Member] | ||
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | 90,793 | 101,219 |
Fair Value Measured on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | 78,785 | 82,509 |
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) | 248,176 | 247,466 |
Fair Value Measured on a Recurring Basis [Member] | U.S. treasuries [Member] | ||
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | 34,291 | 14,813 |
Fair Value Measured on a Recurring Basis [Member] | U.S. Government Agencies [Member] | ||
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | 25,891 | 29,021 |
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) | 54,077 | 51,988 |
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) | 34,448 | 31,077 |
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) | 8,994 | 8,982 |
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) | 8,994 | 8,982 |
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | Non-agency MBS/CMO [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] | 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] | Significant Other Observable Inputs (Level II) [Member] | ||
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | 589,493 | 558,093 |
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] | Non-agency MBS/CMO [Member] | ||
Recurring Fair Value Measurements | ||
Securities available for sale (at fair value) | 23,032 | |
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) | 90,793 | 101,219 |
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) | 78,785 | 82,509 |
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) | 248,176 | 247,466 |
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) | 34,291 | 14,813 |
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) | 25,891 | 29,021 |
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) | 54,077 | 51,988 |
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) | 34,448 | 31,077 |
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] | Non-agency MBS/CMO [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 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 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Non-Recurring Fair Value Measurements | ||
Impaired Loans | $ 3,784 | $ 3,177 |
Total | 3,784 | 3,177 |
Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | ||
Non-Recurring Fair Value Measurements | ||
Impaired Loans | ||
Total | ||
Significant Other Observable Inputs (Level II) [Member] | ||
Non-Recurring Fair Value Measurements | ||
Impaired Loans | ||
Total | ||
Significant Unobservable Inputs (Level III) [Member] | ||
Non-Recurring Fair Value Measurements | ||
Impaired Loans | 3,784 | 3,177 |
Total | $ 3,784 | $ 3,177 |
Fair Value Presentation (Sche_3
Fair Value Presentation (Schedule of Level III Inputs to Determine Fair Value) (Details) - Impaired Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value, non-recurring | $ 3,784 | $ 3,177 | |
Valuation Techniques | [1] | Appraisal of collateral | Appraisal of collateral |
Unobservable inputs - Appraisal adjustments | [2] | (20.00%) | |
Unobservable inputs - Liquidation expenses | [2] | (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%) |
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs - Appraisal adjustments | [2] | 0.00% | |
Unobservable inputs - Liquidation expenses | [2] | 0.00% | |
Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs - Appraisal adjustments | [2] | (20.00%) | |
Unobservable inputs - Liquidation expenses | [2] | (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. |
Fair Value Presentation (Sche_4
Fair Value Presentation (Schedule of Carrying Amount and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financial Assets: | |||
Cash and cash equivalents | $ 79,154 | $ 158,449 | $ 88,614 |
Regulatory stock | 5,406 | 5,380 | 6,160 |
Loans, net of allowance | 937,592 | 907,973 | 829,244 |
Bank owned life insurance | 35,574 | 35,414 | 29,833 |
Financial Liabilities: | |||
Demand deposits | 675,519 | 686,278 | 580,003 |
Total deposits | 1,517,957 | 1,512,213 | 1,325,387 |
Subordinated debt | 19,700 | 19,680 | $ 19,620 |
Carrying Amount [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 79,154 | 158,449 | |
Regulatory stock | 5,406 | 5,380 | |
Loans held for sale | 2,223 | 3,194 | |
Loans, net of allowance | 937,592 | 907,973 | |
Mortgage servicing assets | 1,958 | 1,768 | |
Accrued interest receivable | 5,694 | 5,152 | |
Bank owned life insurance | 35,574 | 35,414 | |
Financial Liabilities: | |||
Demand deposits | 675,519 | 686,278 | |
Interest-bearing demand deposits | 66,083 | 63,015 | |
NOW accounts | 134,018 | 139,366 | |
Money market deposit accounts | 164,893 | 168,327 | |
Savings accounts | 363,300 | 341,291 | |
Time deposits | 114,144 | 113,936 | |
Total deposits | 1,517,957 | 1,512,213 | |
Long-term debt | 44,206 | 44,206 | |
Subordinated debt | 19,700 | 19,680 | |
Accrued interest payable | 444 | 255 | |
Fair Value [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 79,154 | 158,449 | |
Regulatory stock | 5,406 | 5,380 | |
Loans held for sale | 2,223 | 3,194 | |
Loans, net of allowance | 933,932 | 914,251 | |
Mortgage servicing assets | 2,737 | 2,129 | |
Accrued interest receivable | 5,694 | 5,152 | |
Bank owned life insurance | 35,574 | 35,414 | |
Financial Liabilities: | |||
Demand deposits | 675,519 | 686,278 | |
Interest-bearing demand deposits | 66,083 | 63,015 | |
NOW accounts | 134,018 | 139,366 | |
Money market deposit accounts | 164,893 | 168,327 | |
Savings accounts | 363,300 | 341,291 | |
Time deposits | 112,113 | 113,919 | |
Total deposits | 1,515,926 | 1,512,196 | |
Long-term debt | 44,042 | 43,060 | |
Subordinated debt | 18,675 | 19,088 | |
Accrued interest payable | 444 | 255 | |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level I) [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 79,154 | 158,449 | |
Regulatory stock | 5,406 | 5,380 | |
Loans held for sale | 2,223 | 3,194 | |
Loans, net of allowance | |||
Mortgage servicing assets | |||
Accrued interest receivable | 5,694 | 5,152 | |
Bank owned life insurance | 35,574 | 35,414 | |
Financial Liabilities: | |||
Demand deposits | 675,519 | 686,278 | |
Interest-bearing demand deposits | 66,083 | 63,015 | |
NOW accounts | 134,018 | 139,366 | |
Money market deposit accounts | 164,893 | 168,327 | |
Savings accounts | 363,300 | 341,291 | |
Time deposits | |||
Total deposits | 1,403,813 | 1,398,277 | |
Long-term debt | |||
Subordinated debt | |||
Accrued interest payable | 444 | 255 | |
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 | 933,932 | 914,251 | |
Mortgage servicing assets | 2,737 | 2,129 | |
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 | 112,113 | 113,919 | |
Total deposits | 112,113 | 113,919 | |
Long-term debt | 44,042 | 43,060 | |
Subordinated debt | 18,675 | 19,680 | |
Accrued interest payable |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) $ in Millions | Mar. 31, 2022USD ($) |
Commitment to extend credit | $ 503.5 |
Loan Commitments [Member] | |
Commitment to extend credit | 100.5 |
Line of Credit [Member] | |
Commitment to extend credit | 390.9 |
Letter of Credit [Member] | |
Commitment to extend credit | $ 12.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning | $ 3,441 | |||
Balance, ending | (20,298) | $ 2,924 | ||
Unrealized Gains (Losses) on Securities Available-for-Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning | 3,441 | [1],[2] | 7,958 | |
Other comprehensive loss before reclassifications | [1],[2] | (23,629) | (4,965) | |
Amount reclassified from accumulated other comprehensive income (loss) | [1],[2] | (110) | (69) | |
Period change | [1],[2] | (23,739) | (5,034) | |
Balance, ending | $ (20,298) | [1],[2] | $ 2,924 | |
Federal income tax rate | [1],[2] | 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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Related income tax expense | $ (498) | $ (931) | |
Net effect on accumulated other comprehensive income (loss) for the period | 3,191 | 4,504 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net effect on accumulated other comprehensive income (loss) for the period | [1] | 110 | 69 |
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] | |||
Net securities gains, reclassified into earnings | [1] | 139 | 87 |
Related income tax expense | [1] | $ (29) | $ (18) |
[1] | Amounts in parentheses indicate debits. |