Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 10, 2023 | Jun. 30, 2022 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 000-53528 | ||
Entity Registrant Name | Embassy Bancorp, Inc. | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 26-3339011 | ||
Entity Address, Address Line One | One Hundred Gateway Drive | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Bethlehem | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 18017 | ||
City Area Code | 610 | ||
Local Phone Number | 882-8800 | ||
Title of 12(g) Security | Common Stock, Par Value $1.00 per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 104,728,159 | ||
Entity Common Stock, Shares Outstanding | 7,600,868 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the 2023 annual meeting of shareholders are incorporated by reference into Part III of this report. | ||
Entity Central Index Key | 0001449794 | ||
Amendment Flag | false | ||
Auditor Firm ID | 23 | ||
Auditor Location | Allentown, Pennsylvania | ||
Auditor Name | Baker Tilly US, LLP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 21,927 | $ 15,244 |
Interest bearing demand deposits with banks | 44,368 | 153,448 |
Federal funds sold | 1,000 | 1,000 |
Cash and Cash Equivalents | 67,295 | 169,692 |
Securities available for sale | 316,992 | 310,264 |
Restricted investment in bank stock | 995 | 1,424 |
Loans receivable, net of allowance for loan losses of $12,449 in 2022; $11,484 in 2021 | 1,196,164 | 1,096,555 |
Paycheck Protection Program loans receivable | 286 | 8,568 |
Premises and equipment, net of accumulated depreciation | 3,843 | 3,994 |
Bank owned life insurance | 25,603 | 25,796 |
Accrued interest receivable | 2,926 | 2,603 |
Other assets | 26,123 | 14,298 |
Total Assets | 1,640,227 | 1,633,194 |
Deposits: | ||
Non-interest bearing | 381,811 | 323,513 |
Interest bearing | 1,139,296 | 1,143,512 |
Total Deposits | 1,521,107 | 1,467,025 |
Securities sold under agreements to repurchase | 13,384 | 11,252 |
Long-term borrowings | 14,651 | |
Accrued interest payable | 986 | 652 |
Other liabilities | 16,474 | 17,099 |
Total Liabilities | 1,551,951 | 1,510,679 |
Stockholders' Equity: | ||
Common stock, $1 par value; authorized 20,000,000 shares; 2022 issued 7,739,785 shares; outstanding 7,586,991 shares; 2021 issued 7,687,919 shares; outstanding 7,541,776 shares | 7,740 | 7,688 |
Surplus | 27,627 | 26,963 |
Retained earnings | 106,551 | 91,493 |
Accumulated other comprehensive loss | (51,107) | (1,194) |
Treasury stock, at cost: 152,794 and 146,143 shares at December 31, 2022 and December 31, 2021, respectively | (2,535) | (2,435) |
Total Stockholders' Equity | 88,276 | 122,515 |
Total Liabilities and Stockholders' Equity | $ 1,640,227 | $ 1,633,194 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets [Abstract] | ||
Loans receivable, allowance | $ 12,449 | $ 11,484 |
Common Stock, Par Value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,739,785 | 7,687,919 |
Common Stock, Shares, Outstanding | 7,586,991 | 7,541,776 |
Treasury Stock, Shares | 152,794 | 146,143 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
INTEREST INCOME | ||
Loans, including fees | $ 42,022 | $ 40,826 |
Paycheck Protection Program loans, including fees | 184 | 2,747 |
Securities, taxable | 5,921 | 2,765 |
Securities, non-taxable | 1,196 | 1,014 |
Short-term investments, including federal funds sold | 1,062 | 154 |
Total Interest Income | 50,385 | 47,506 |
INTEREST EXPENSE | ||
Deposits | 4,060 | 3,879 |
Securities sold under agreements to repurchase and federal funds purchased | 24 | 8 |
Long-term borrowings | 19 | 110 |
Paycheck Protection Program Liquidity Facility borrowings | 15 | |
Total Interest Expense | 4,103 | 4,012 |
Net Interest Income | 46,282 | 43,494 |
PROVISION FOR LOAN LOSSES | 895 | 915 |
Net Interest Income after Provision for Loan Losses | 45,387 | 42,579 |
OTHER NON-INTEREST INCOME | ||
Merchant and credit card processing fees | 356 | 321 |
Debit card interchange fees | 887 | 866 |
Other service fees | 576 | 479 |
Bank owned life insurance | 524 | 607 |
Gain on sale of securities | 24 | |
Gain on sale of other real estate owned | 103 | |
Total Other Non-Interest Income | 2,343 | 2,400 |
OTHER NON-INTEREST EXPENSES | ||
Salaries and employee benefits | 13,403 | 12,149 |
Occupancy and equipment | 3,755 | 3,680 |
Data processing | 3,220 | 2,941 |
Advertising and promotion | 809 | 987 |
Professional fees | 934 | 834 |
FDIC insurance | 468 | 555 |
Loan & real estate | 214 | 302 |
Charitable contributions | 936 | 871 |
Other | 1,998 | 1,808 |
Total Other Non-Interest Expenses | 25,737 | 24,127 |
Income Before Income Taxes | 21,993 | 20,852 |
INCOME TAX EXPENSE | 4,291 | 4,066 |
Net Income | $ 17,702 | $ 16,786 |
BASIC EARNINGS PER SHARE | $ 2.34 | $ 2.23 |
DILUTED EARNINGS PER SHARE | 2.34 | 2.22 |
DIVIDENDS PER SHARE | $ 0.35 | $ 0.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements Of Comprehensive (Loss) Income [Abstract] | ||
Net Income | $ 17,702 | $ 16,786 |
Change in Accumulated Other Comprehensive Loss: | ||
Unrealized holding loss on securities available for sale | (63,181) | (5,205) |
Less: reclassification adjustment for realized gains | (24) | |
Total other comprehensive loss, before tax | (63,181) | (5,229) |
Income tax effect | 13,268 | 1,098 |
Net unrealized loss | (49,913) | (4,131) |
Total other comprehensive loss, net of tax | (49,913) | (4,131) |
Comprehensive (Loss) Income | $ (32,211) | $ 12,655 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] Director [Member] | Common Stock [Member] Officer [Member] | Common Stock [Member] | Surplus [Member] Director [Member] | Surplus [Member] Officer [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Director [Member] | Officer [Member] | Total |
BALANCE-Beginning at Dec. 31, 2020 | $ 7,637 | $ 26,405 | $ 76,960 | $ 2,937 | $ (1,765) | $ 112,174 | ||||||
Net income | 16,786 | 16,786 | ||||||||||
Other comprehensive income loss, net of tax | (4,131) | (4,131) | ||||||||||
Dividend declared and paid | (2,253) | (2,253) | ||||||||||
Exercise of stock options | 30 | 178 | 208 | |||||||||
Stock tendered for funding exercise of stock options | (4) | (88) | (92) | |||||||||
Common stock grants | $ 12 | $ 174 | $ 186 | |||||||||
Compensation expense recognized on stock grants, net of unearned compensation expense | $ 10 | $ 236 | $ 246 | |||||||||
Shares issued under employee stock purchase plan | 3 | 58 | 61 | |||||||||
Purchase of treasury stock | (670) | (670) | ||||||||||
BALANCE-Ending at Dec. 31, 2021 | 7,688 | 26,963 | 91,493 | (1,194) | (2,435) | 122,515 | ||||||
Net income | 17,702 | 17,702 | ||||||||||
Other comprehensive income loss, net of tax | (49,913) | (49,913) | ||||||||||
Dividend declared and paid | (2,644) | (2,644) | ||||||||||
Exercise of stock options | 34 | 242 | 276 | |||||||||
Stock tendered for funding exercise of stock options | (8) | (146) | (154) | |||||||||
Common stock grants | $ 11 | $ 212 | $ 223 | |||||||||
Compensation expense recognized on stock grants, net of unearned compensation expense | 12 | 292 | 304 | |||||||||
Shares issued under employee stock purchase plan | 3 | 64 | 67 | |||||||||
Purchase of treasury stock | (100) | (100) | ||||||||||
BALANCE-Ending at Dec. 31, 2022 | $ 7,740 | $ 27,627 | $ 106,551 | $ (51,107) | $ (2,535) | $ 88,276 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend declared and paid per share | $ 0.35 | $ 0.30 |
Exercise of stock options, shares | 33,890 | 29,742 |
Stock tendered, shares | 8,046 | 4,600 |
Unearned compensation expense on stock grants | $ 642 | $ 718 |
Shares issued under employee stock purchase plan, shares | 3,390 | 3,254 |
Forfeiture of unvested common stock shares | ||
Purchased Treasury Stock I [Member] | ||
Purchase treasury stock, shares | 883 | 25,000 |
Purchased treasury stock, price per share | $ 20.79 | $ 16.65 |
Purchased Treasury Stock II [Member] | ||
Purchase treasury stock, shares | 4,060 | 9,400 |
Purchased treasury stock, price per share | $ 18.79 | $ 19.60 |
Purchased Treasury Stock III [Member] | ||
Purchase treasury stock, shares | 293 | 3,494 |
Purchased treasury stock, price per share | $ 18.67 | $ 20 |
Director [Member] | ||
Common stock grants, shares | 10,701 | 12,009 |
Officer [Member] | ||
Common stock grants, shares | 11,931 | 10,298 |
Forfeiture of unvested common stock shares | 1,415 | |
Forfeiture of unvested common stock grants cost basis | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 17,702 | $ 16,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 895 | 915 |
Amortization of deferred loan costs | 182 | 136 |
Accretion of deferred Paycheck Protection Program loan fees | (165) | (2,388) |
Depreciation | 883 | 864 |
Net (accretion) amortization of investment security premiums and discounts | (405) | 65 |
Stock compensation expense | 527 | 432 |
Net realized gain on sale of other real estate owned | (103) | |
Income on bank owned life insurance | (524) | (607) |
Deferred income taxes | (348) | (258) |
Realized gain on sale of securities available for sale | (24) | |
(Increase) decrease in accrued interest receivable | (323) | 533 |
Decrease in other assets | 1,778 | 800 |
Increase (decrease) in accrued interest payable | 334 | (988) |
Decrease in other liabilities | (625) | (914) |
Net Cash Provided by Operating Activities | 19,911 | 15,249 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of securities available for sale | (93,347) | (236,159) |
Maturities, calls and principal repayments of securities available for sale | 23,843 | 48,232 |
Proceeds from sales of securities available for sale | 0 | 3,333 |
Net increase in loans | (100,686) | (18,279) |
Net decrease in Paycheck Protection Program loans | 8,447 | 48,154 |
Net redemption (purchase) of restricted investment in bank stock | 429 | (94) |
Proceeds from sale of other real estate owned | 115 | |
Purchases of premises and equipment | (719) | (1,512) |
Death benefit proceeds on bank owned life insurance | 717 | |
Net Cash Used in Investing Activities | (161,316) | (156,210) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 54,082 | 234,646 |
Net increase (decrease) in securities sold under agreements to repurchase | 2,132 | (2,360) |
Proceeds from Employee Stock Purchase Plan | 67 | 61 |
Repayment of long-term borrowed funds | (14,651) | |
Repayment of Paycheck Protection Program Liquidity Facility borrowed funds | (50,794) | |
Purchase of treasury stock | (100) | (670) |
Exercise of stock options, net payment for stock tendered | 122 | 116 |
Dividends paid | (2,644) | (2,253) |
Net Cash Provided by Financing Activities | 39,008 | 178,746 |
Net (Decrease) Increase in Cash and Cash Equivalents | (102,397) | 37,785 |
CASH AND CASH EQUIVALENTS - BEGINNING | 169,692 | 131,907 |
CASH AND CASH EQUIVALENTS - ENDING | 67,295 | 169,692 |
SUPPLEMENTARY CASH FLOWS INFORMATION | ||
Interest paid | 3,769 | 5,000 |
Income taxes paid | $ 4,268 | 4,634 |
Non-cash Investing and Financing Activities: | ||
Other real estate acquired in settlement of loans | 12 | |
Right of use assets obtained in exchange for new operating lease liabilities | $ 1,233 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Not e 1 – Summary of Significant Accounting Policies Principles of Consolidation and Nature of Operations Embassy Bancorp, Inc. (the “Company”) is a Pennsylvania corporation organized in 2008 and registered as a bank holding company pursuant to the Bank Holding Company Act of 1956, as amended (the “BHC Act”). The Company was formed for purposes of acquiring Embassy Bank For The Lehigh Valley (the “Bank”) in connection with the reorganization of the Bank into a bank holding company structure, which was consummated on November 11, 2008. Accordingly, the Company owns all of the capital stock of the Bank, giving the organization more flexibility in meeting its capital needs as the Company continues to grow. The Bank, which is the Company’s principal operating subsidiary, was originally incorporated as a Pennsylvania bank on May 11, 2001 and opened its doors on November 6, 2001. It was formed by a group of local business persons and professionals with significant prior experience in community banking in the Lehigh Valley area of Pennsylvania, the Bank’s primary market area. Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of other-than-temporary impairment on available for sale debt securities, and the determination of the allowance for loan losses. Concentrations of Credit Risk Most of the Company’s activities are with customers located in the Lehigh Valley area of Pennsylvania. Note 2 discusses the types of securities in which the Company invests. The concentrations of credit by type of loan are set forth in Note 3. The Company does not have any significant concentrations to any one specific industry or customer, with the exception of lending activity to a broad range of lessors of residential and non-residential real estate within the Lehigh Valley. Although the Company has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing demand deposits with banks, and federal funds sold. Generally, federal funds are purchased or sold for less than one week periods. Securities Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Securities available for sale are carried at fair value. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Unrealized gains and losses are reported as increases or decreases in other comprehensive (loss) income. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Other-than-temporary accounting guidance specifies that (a) if a company does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired unless there is a credit loss. When an entity does not intend to sell the security, and it is more likely than not the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. The Company recognized no other-than-temporary impairment charges during the years ended December 31, 2022 and 2021. Restricted Investments in Bank Stock Restricted investments in bank stock consist of FHLBank Pittsburgh (“FHLB”) stock and Atlantic Community Bankers Bank (“ACBB”) stock. The restricted stocks have no quoted market value and are carried at cost. Federal law requires a member institution of the FHLB to hold stock of its district FHLB according to a predetermined formula. Management evaluates the FHLB and ACBB restricted stock for impairment. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the issuer as compared to the capital stock amount for the issuer and the length of time this situation has persisted, (2) commitments by the issuer to make payments required by law or regulation and the level of such payments in relation to the operating performance of the issuer, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the issuer. Management believes no impairment charge is necessary related to the FHLB or ACBB restricted stock as of December 31, 2022. No impairment charge was taken related to the FHLB or ACBB restricted stock as of December 31, 2021. Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield using the effective interest method. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective interest method. Delinquency fees are recognized in income when collected. As described in Note 3, the Company has presented Paycheck Protection Program (“PPP”) loans separately from loans receivable on the Consolidated Balance Sheets. The non-PPP loans receivable portfolio is segmented into commercial and consumer loans. Commercial loans consist of the following classes: commercial real estate, commercial construction and commercial. Consumer loans consist of the following classes: residential real estate and other consumer loans. The Company makes commercial loans for real estate development and other business purposes required by the customer base. The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversion of assets. Commercial real estate loans include long-term loans financing commercial properties. Repayments of these loans are dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate loans typically require a loan to value ratio of not greater than 80 % and vary in terms. Residential mortgages and home equity loans are secured by the borrower’s residential real estate in either a first or second lien position. Residential mortgages and home equity loans have varying interest rates (fixed or variable) depending on the financial condition of the borrower and the loan to value ratio. Residential mortgages may have amortizations up to 30 years and home equity loans may have maturities up to 25 years. Other consumer loans include installment loans, car loans, and overdraft lines of credit. Some of these loans may be unsecured. For all classes of loans receivable, the accrual of interest may be discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed. Interest received on nonaccrual loans, including impaired loans, generally is applied against principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans, or portions of loans, determined to be confirmed losses are charged against the allowance account and subsequent recoveries, if any, are credited to the account. A loss is considered confirmed when information available at the balance sheet date indicates the loan, or a portion thereof, is uncollectible. As further described in Note 3, because of the 100 % Small Business Administration’s (“SBA”) guarantee, the Company has determined that no allowance for loan losses is required on PPP loans. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. Management maintains the allowance for loan losses at a level it believes adequate to absorb probable credit losses related to specifically identified loans, as well as probable incurred losses inherent in the remainder of the loan portfolio as of the balance sheet dates. The allowance for loan losses account consists of specific and general reserves. For the specific portion of the allowance for loan losses, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Factors considered by management in determining impairment include payment status, ability to pay and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans considered impaired are measured for impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. If the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, if the loan is collateral dependent, is less than the recorded investment in the loan, including accrued interest and net deferred loan fees or costs, the Company will recognize the impairment by adjusting the allowance for loan losses account through charges to earnings as a provision for loan losses. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. The general portion of the allowance for loan losses covers pools of loans by major loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate and other consumer loans. Loss contingencies for each of the major loan pools are determined by applying a total loss factor to the current balance outstanding for each individual pool. The total loss factor is comprised of a historical loss factor using the loss migration method plus a qualitative factor, which adjusts the historical loss factor for changes in trends, conditions and other relevant factors that may affect repayment of the loans in these pools as of the evaluation date. Loss migration involves determining the percentage of each pool that is expected to ultimately result in loss based on historical loss experience. Historical loss factors are based on the ratio of net loans charged-off to loans, net, for each of the major groups of loans. The historical loss factor for each pool, includes but is not limited to, an average of the Company’s historical net charge-off ratio for the most recent rolling four years plus current year to date. In addition to these historical loss factors, management also uses a qualitative factor that represents a number of environmental risks that may cause estimated credit losses associated with the current portfolio to differ from historical loss experience. These environmental risks include: (i) changes in lending policies and procedures including underwriting standards and collection, charge-off and recovery practices; (ii) changes in the composition and volume of the portfolio; (iii) changes in national, local and industry conditions, including the effects of such changes on the value of underlying collateral for collateral-dependent loans; (iv) changes in the volume and severity of classified loans, including past due, nonaccrual, troubled debt restructures and other loan modifications; (v) changes in the levels of, and trends in, charge-offs and recoveries; (vi) the existence and effect of any concentrations of credit and changes in the level of such concentrations; (vii) changes in the experience, ability and depth of lending management and other relevant staff; (viii) changes in the quality of the loan review system and the degree of oversight by the board of directors; and (ix) the effect of external factors such as competition and regulatory requirements on the level of estimated credit losses in the current loan portfolio. Each environmental risk factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. In 2021 and 2022, the Bank adjusted the economic risk factor and other external factor methodologies to incorporate the current economic implications of inflation rates, gas prices, supply chain disruptions, and any future interest rate increases. All loans that received a CARES Act Section 4013 modification are provided additional qualitative reserve in the Company’s allowance for loan loss calculation. The unallocated component of the general allowance is used to cover inherent losses that exist as of the evaluation date, but which have not been identified as part of the allocated allowance using the above impairment evaluation methodology due to limitations in the process. One such limitation is the imprecision of accurately estimating the impact current economic conditions will have on historical loss rates. Variations in the magnitude of impact may cause estimated credit losses associated with the current portfolio to differ from historical loss experience, resulting in an allowance that is higher or lower than the anticipated level. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors, and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payment, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weakness may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness and borrowers are highly leveraged. They include loans that are inadequately protected by the current sound net worth and the paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Other Real Estate Owned Other real estate owned is comprised of properties acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as an in-substance foreclosure when the Company has taken possession of the collateral, regardless of whether formal foreclosure proceedings take place. Other real estate owned is recorded at fair value less cost to sell at the time of acquisition. Any excess of the loan balance over the recorded value is charged to the allowance for loan losses at the time of acquisition. After foreclosure, valuations are periodically performed and the assets are carried at the lower of cost or fair value less cost to sell. Changes in the valuation allowance on foreclosed assets are included in other non-interest income. Costs to maintain the assets are included in other non-interest expenses. Any gain or loss realized upon disposal of other real estate owned is included in other non-interest income. There were no foreclosed assets as of December 31, 2022 and 2021. Bank Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) as a tax deferred investment and a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Company on certain of its employees and directors. The Company is the owner and primary beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income from increases in cash surrender value of the policies is included in non-interest income and is not subject to income taxes unless surrendered. The Company does not intend to surrender these policies, and accordingly, no deferred taxes have been recorded on the earnings from these policies. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the following estimated useful lives of the related assets: furniture, fixtures and equipment for five years to ten years , leasehold improvements for the life of the lease, building for forty years , computer equipment and data processing software for one year to f ive years , and automobiles for five years . Transfers of Financial Assets Transfers of financial assets, including sales of loan participations, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. Income T axes Income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to taxable income. Deferred income taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and net operating loss carry forwards and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Earn ings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period, as adjusted for stock dividends and splits. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. Year Ended December 31, 2022 2021 (Dollars In Thousands, Except Per Share Data) Net income $ 17,702 $ 16,786 Weighted average shares outstanding 7,554,790 7,517,669 Dilutive effect of potential common shares, stock options 16,438 37,116 Diluted weighted average common shares outstanding 7,571,228 7,554,785 Basic earnings per share $ 2.34 $ 2.23 Diluted earnings per share $ 2.34 $ 2.22 There were no stock options not considered in computing diluted earnings per common share for the years ended December 31, 2022 and December 31, 2021. Employee Benefit Plan The Company has a 401(k) Plan (the “Plan”) for employees. All employees are eligible to participate after they have attained the age of 21 and have also completed 6 consecutive months of service during which at least 500 hours of service are completed. The employees may contribute up to the maximum percentage allowable by law of their compensation to the Plan, and the Company provides a match of fifty percent of the first 8 % percent to eligible participating employees. Full vesting in the Plan is prorated equally over a four year period. The Company’s contributions to the Plan for the years ended December 31, 2022 and 2021 were $ 284 thousand and $ 278 thousand, respectively. Off Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the consolidated balance sheet when they are funded. Comprehensive (Loss) Income US GAAP requires that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income. Stock-Based Compensation The Company measures and records compensation expense for share-based payments based on the instrument's fair value on the date of grant. The fair value of each stock option grant is measured using the Black-Scholes option pricing model. The fair value of stock awards is based on the Company's stock price. Share-based compensation expense is recognized over the service period, generally defined as the vesting period. Non-Interest Income The majority of the Company’s revenue-generating transactions are not subject to Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, including revenue generated from financial instruments, such as its loans and investment securities, as these activities are subject to other US GAAP discussed elsewhere within the Company’s disclosures. Descriptions of the Company’s revenue-generating activities that are within the scope of Topic 606, which are presented in the consolidated statement of income as components of non-interest income, are merchant processing and credit card processing fees, debit card interchange fees, other service fees on deposit accounts, and gains and losses on other real estate owned. Credit card processing fees include income from consumer and commercial credit cards and merchant processing income. Income for such performance obligations are generally received at the time the performance obligations are satisfied or within the monthly service period. Service fees on deposit accounts represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the Company’s performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). The Company recognizes debit card interchange fees daily from debit cardholder transactions conducted through the MasterCard payment network. The Company records a gain or loss from the sale of other real estate owned when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of other real estate owned to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction prices and related gain or loss on the sale if a significant financing component is present. The Company does not sell its mortgages on the secondary market, nor does it offer trust or investment brokerage services to its customers to generate fee income. Subsequent Events The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2022 through the date these consolidated financial statements were available for issuance for items that should potentially be recognized or disclosed in these consolidated financial statements. Future Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses”. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In November 2019, the FASB issued an update to defer the implementation date for smaller reporting companies from 2020 to 2023. The Company currently qualifies as a smaller reporting company under SEC Regulation S-K and, therefore, the guidance is effective for the Company in 2023. Management has gathered all necessary data and selected a method to calculate the expected credit losses. The Company will adopt ASU 2016-13 on January 1, 2023 using the modified retrospective approach. Based on implementation efforts to date, management expects to make an immaterial adjustment to opening retained earnings as a result of its adoption of this standard. The Company is in the process of finalizing its operational and control structure supporting the process. Reclassification Certain amounts in the 2021 consolidated financial statements may have been reclassified to conform to 2022 presentation. These reclassifications had no effect on 2021 net income. |
Securities Available For Sale
Securities Available For Sale | 12 Months Ended |
Dec. 31, 2022 | |
Securities Available For Sale [Abstract] | |
Securities Available For Sale | Note 2 – Securities Available For Sale The amortized cost and approximate fair values of securities available-for-sale were as follows at December 31, 2022 and 2021, respectively: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) December 31, 2022: U.S. Treasury securities $ 17,217 $ - $ ( 446 ) $ 16,771 U.S. Government agency obligations 34,069 - ( 1,518 ) 32,551 Municipal bonds 73,958 112 ( 15,453 ) 58,617 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 510 - ( 76 ) 434 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 255,930 2 ( 47,313 ) 208,619 Total $ 381,684 $ 114 $ ( 64,806 ) $ 316,992 December 31, 2021: U.S. Government agency obligations $ 29,146 $ - $ ( 288 ) $ 28,858 Municipal bonds 60,017 1,464 ( 377 ) 61,104 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 511 19 - 530 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 222,101 885 ( 3,214 ) 219,772 Total $ 311,775 $ 2,368 $ ( 3,879 ) $ 310,264 The amortized cost and fair value of securities as of December 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without any penalties. Amortized Fair Cost Value (In Thousands) Due in one year or less $ 34,369 $ 33,024 Due after one year through five years 19,053 18,352 Due after five years through ten years 5,363 5,135 Due after ten years 66,459 51,428 125,244 107,939 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 510 434 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 255,930 208,619 $ 381,684 $ 316,992 There were no sales of securities for the year ended December 31, 2022. Gross gains of $ 24 thousand were realized on the sales of securities for the year ended December 31, 2021. There were no gross losses on the sales of securities for the year ended December 31, 2021. The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022 and December 31, 2021, respectively: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2022 : (In Thousands) U.S. Treasury securities $ 16,771 $ ( 446 ) $ - $ - $ 16,771 $ ( 446 ) U.S. Government agency obligations - - 32,551 ( 1,518 ) 32,551 ( 1,518 ) Municipal bonds 32,103 ( 6,308 ) 22,099 ( 9,145 ) 54,202 ( 15,453 ) U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 434 ( 76 ) - - 434 ( 76 ) U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 32,203 ( 3,166 ) 176,281 ( 44,147 ) 208,484 ( 47,313 ) Total Temporarily Impaired Securities $ 81,511 $ ( 9,996 ) $ 230,931 $ ( 54,810 ) $ 312,442 $ ( 64,806 ) December 31, 2021 : U.S. Government agency obligations $ 9,911 $ ( 84 ) $ 18,947 $ ( 204 ) $ 28,858 $ ( 288 ) Municipal bonds 20,722 ( 377 ) - - 20,722 ( 377 ) U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 190,435 ( 3,214 ) - - 190,435 ( 3,214 ) Total Temporarily Impaired Securities $ 221,068 $ ( 3,675 ) $ 18,947 $ ( 204 ) $ 240,015 $ ( 3,879 ) The Company had one hundred ninety four ( 194 ) securities in an unrealized loss position at December 31, 2022 and seventy ( 70 ) securities in an unrealized loss position at December 31, 2021. As of December 31, 2022, the Company either has the intent and ability to hold the securities until maturity or market price recovery or believes that it is more likely than not that it will not be required to sell such securities. Management believes that the unrealized loss only represents temporary impairment of the securities, which are predominantly backed by credit of government agencies, and are a result of the increasing market interest rates in 2022 due to the current economic conditions, and not the credit quality of the issuer. Securities with a carrying value of $ 147.2 million and $ 114.0 million at December 31, 2022 and December 31, 2021, respectively, were subject to agreements to repurchase, pledged to secure public deposits, or pledged for other purposes required or permitted by law. |
Loans Receivable and Credit Qua
Loans Receivable and Credit Quality | 12 Months Ended |
Dec. 31, 2022 | |
Loans Receivable And Credit Quality [Abstract] | |
Loans Receivable And Credit Quality | Note 3 – Loans Receivable and Credit Quality The Company has presented PPP loans of $ 286 thousand at December 31, 2022 and $ 8.6 million, net of $ 165 thousand of unearned origination fees and costs, at December 31, 2021, respectively, separately from loans receivable on the Consolidated Balance Sheets. PPP loans are 100 % SBA guaranteed and the Company has determined that no allowance for loan losses is required on PPP loans. All PPP loans are risk rated as pass. The Company has only two ( 2 ) PPP loans remaining at December 31, 2022. PPP loans are excluded in the following composition and credit quality tables. The following table presents the composition of loans receivable (excluding PPP loans): December 31, 2022 2021 (In Thousands) Commercial real estate $ 507,300 $ 440,655 Commercial construction 16,761 6,100 Commercial 39,520 41,923 Residential real estate 643,975 618,694 Consumer 782 642 Total Loans 1,208,338 1,108,014 Unearned net loan origination costs 275 25 Allowance for Loan Losses ( 12,449 ) ( 11,484 ) Net Loans $ 1,196,164 $ 1,096,555 The following table summarizes information in regard to the allowance for loan losses (excluding PPP loans) as of December 31, 2022 and 2021, respectively: Commercial Real Estate Commercial Construction Commercial Residential Real Estate Consumer Unallocated Total (In Thousands) Allowance for loan losses Year Ending December 31, 2022 Beginning Balance - December 31, 2021 $ 4,400 $ 71 $ 1,328 $ 4,718 $ 14 $ 953 $ 11,484 Charge-offs - - - - - - - Recoveries - - - 70 - - 70 Provisions 713 129 ( 39 ) 172 ( 1 ) ( 79 ) 895 Ending Balance - December 31, 2022 $ 5,113 $ 200 $ 1,289 $ 4,960 $ 13 $ 874 $ 12,449 Year Ending December 31, 2021 Beginning Balance - December 31, 2020 $ 4,379 $ 150 $ 848 $ 4,485 $ 14 $ 694 $ 10,570 Charge-offs - - - ( 2 ) ( 2 ) - ( 4 ) Recoveries - - - 3 - - 3 Provisions 21 ( 79 ) 480 232 2 259 915 Ending Balance - December 31, 2021 $ 4,400 $ 71 $ 1,328 $ 4,718 $ 14 $ 953 $ 11,484 The f ollowing tables represent the allocation of the allowance for loan losses and the related loan portfolio, ( excluding PPP loans), disaggregated based on impairment methodology at December 31, 2022 and December 31, 2021, respectively: Commercial Real Estate Commercial Construction Commercial Residential Real Estate Consumer Unallocated Total (In Thousands) December 31, 2022 Allowance for Loan Losses Ending Balance $ 5,113 $ 200 $ 1,289 $ 4,960 $ 13 $ 874 $ 12,449 Ending balance: individually evaluated for impairment $ - $ 29 $ 33 $ 107 $ - $ - $ 169 Ending balance: collectively evaluated for impairment $ 5,113 $ 171 $ 1,256 $ 4,853 $ 13 $ 874 $ 12,280 Loans receivable: Ending balance $ 507,300 $ 16,761 $ 39,520 $ 643,975 $ 782 $ 1,208,338 Ending balance: individually evaluated for impairment $ 1,371 $ 303 $ 240 $ 1,317 $ - $ 3,231 Ending balance: collectively evaluated for impairment $ 505,929 $ 16,458 $ 39,280 $ 642,658 $ 782 $ 1,205,107 December 31, 2021 Allowance for Loan Losses Ending Balance $ 4,400 $ 71 $ 1,328 $ 4,718 $ 14 $ 953 $ 11,484 Ending balance: individually evaluated for impairment $ - $ 7 $ 41 $ 116 $ - $ - $ 164 Ending balance: collectively evaluated for impairment $ 4,400 $ 64 $ 1,287 $ 4,602 $ 14 $ 953 $ 11,320 Loans receivable: Ending balance $ 440,655 $ 6,100 $ 41,923 $ 618,694 $ 642 $ 1,108,014 Ending balance: individually evaluated for impairment $ 1,433 $ 311 $ 248 $ 1,508 $ - $ 3,500 Ending balance: collectively evaluated for impairment $ 439,222 $ 5,789 $ 41,675 $ 617,186 $ 642 $ 1,104,514 The following table summarizes information in regard to impaired loans (excluding PPP loans) by loan portfolio class as of December 31, 2022 and 2021, respectively: Year to Date Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2022 (In Thousands) With no related allowance recorded: Commercial real estate $ 1,371 $ 1,611 $ 1,395 $ 66 Commercial construction 55 55 55 3 Commercial - - - - Residential real estate 768 772 719 30 Consumer - - - - With an allowance recorded: Commercial real estate $ - $ - $ - $ - $ - Commercial construction 248 248 29 251 8 Commercial 240 240 33 243 10 Residential real estate 549 549 107 560 20 Consumer - - - - - Total: Commercial real estate $ 1,371 $ 1,611 $ - $ 1,395 $ 66 Commercial construction 303 303 29 306 11 Commercial 240 240 33 243 10 Residential real estate 1,317 1,321 107 1,279 50 Consumer - - - - - $ 3,231 $ 3,475 $ 169 $ 3,223 $ 137 December 31, 2021 With no related allowance recorded: Commercial real estate $ 1,433 $ 1,673 $ 981 $ 69 Commercial construction 55 55 249 2 Commercial - - - - Residential real estate 932 1,002 1,283 36 Consumer - - - - With an allowance recorded: Commercial real estate $ - $ - $ - $ 513 $ - Commercial construction 256 256 7 64 8 Commercial 248 248 41 232 10 Residential real estate 576 576 116 586 21 Consumer - - - - - Total: Commercial real estate $ 1,433 $ 1,673 $ - $ 1,494 $ 69 Commercial construction 311 311 7 313 10 Commercial 248 248 41 232 10 Residential real estate 1,508 1,578 116 1,869 57 Consumer - - - - - $ 3,500 $ 3,810 $ 164 $ 3,908 $ 146 The following table presents the classes of the loan portfolio (excluding PPP loans), summarized by the aggregate pass rating and the classified ratings of special mention (potential weaknesses), substandard (well defined weaknesses) and doubtful (full collection unlikely) within the Company's internal risk rating system as of December 31, 2022 and December 31, 2021, respectively: Pass Special Mention Substandard Doubtful Total December 31, 2022 (In Thousands) Commercial real estate $ 505,983 $ - $ 1,317 $ - $ 507,300 Commercial construction 16,458 - 303 - 16,761 Commercial 39,498 22 - - 39,520 Residential real estate 642,913 467 595 - 643,975 Consumer 782 - - - 782 Total $ 1,205,634 $ 489 $ 2,215 $ - $ 1,208,338 December 31, 2021 Commercial real estate $ 439,280 $ - $ 1,375 $ - $ 440,655 Commercial construction 5,789 - 311 - 6,100 Commercial 41,899 24 - - 41,923 Residential real estate 617,533 489 672 - 618,694 Consumer 642 - - - 642 Total $ 1,105,143 $ 513 $ 2,358 $ - $ 1,108,014 The following table presents nonaccrual loans by classes of the loan portfolio: December 31, 2022 2021 (In Thousands) Commercial real estate $ - $ - Commercial construction - - Commercial - - Residential real estate 192 242 Consumer - - Total $ 192 $ 242 The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio (excluding PPP loans) summarized by the past due status as of December 31, 2022 and 2021, respectively: 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loan Receivables Loan Receivables > 90 Days and Accruing December 31, 2022 (In Thousands) Commercial real estate $ - $ - $ - $ - $ 507,300 $ 507,300 $ - Commercial construction - - - - 16,761 16,761 - Commercial 32 - - 32 39,488 39,520 - Residential real estate 138 - 192 330 643,645 643,975 - Consumer - - - - 782 782 - Total $ 170 $ - $ 192 $ 362 $ 1,207,976 $ 1,208,338 $ - December 31, 2021 Commercial real estate $ - $ - $ - $ - $ 440,655 $ 440,655 $ - Commercial construction - - - - 6,100 6,100 - Commercial - - - - 41,923 41,923 - Residential real estate - 12 217 229 618,465 618,694 - Consumer - - - - 642 642 - Total $ - $ 12 $ 217 $ 229 $ 1,107,785 $ 1,108,014 $ - At December 31, 2022, the Company had no foreclosed assets or recorded investment in consumer mortgage loans collateralized by residential real estate in the process of foreclosure. At December 31, 2021, the Company had $ 217 thousand in recorded investment in one (1) consumer mortgage loan collateralized by real estate property that was in the process of foreclosure. In April 2022, the borrower repaid the loan in full with no loss to the Company. Troubled Debt Restructurings The Company may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that it would not otherwise consider, resulting in a modified loan which is then identified as a troubled debt restructuring (“TDR”). The Company may modify loans through rate reductions, extensions to maturity, interest only payments, or payment modifications to better coincide the timing of payments due under the modified terms with the expected timing of cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. TDRs are considered impaired loans for purposes of calculating the Company’s allowance for loan losses. The Company identifies loans for potential restructure primarily through direct communication with the borrower and the evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. The following table presents TDRs outstanding at December 31, 2022 and 2021, respectively: Accrual Loans Non-Accrual Loans Total Modifications (In Thousands) December 31, 2022 Commercial real estate $ 986 $ - $ 986 Commercial construction 248 - 248 Commercial 240 - 240 Residential real estate 708 - 708 Consumer - - - Total $ 2,182 $ - $ 2,182 December 31, 2021 Commercial real estate $ 1,027 $ - $ 1,027 Commercial construction 256 - 256 Commercial 248 - 248 Residential real estate 806 13 819 Consumer - - - Total $ 2,337 $ 13 $ 2,350 There were no new TDRs during the year ended December 31, 2022. The following table presents new TDRs during the year ended December 31, 2021: Number of Loans Pre-Modification Outstanding Balance Post- Modification Outstanding Balance (Dollars In Thousands) Year Ending December 31, 2021 Commercial 1 $ 24 $ 24 1 $ 24 $ 24 The TDR listed above, consisting of a six-month interest only period, required an impairment reserve of $ 24 thousand recorded in the allowance for loan losses at December 31, 2021. As December 31, 2022 and 2021, no available commitments were outstanding on TDRs. There were no loans that were modified and classified as a TDR within the prior twelve months that experienced a payment default (loans ninety or more days past due) during the years ended December 31, 2022 and December 31, 2021. Beginning in 2020 and through early 2021, the Company provided certain borrowers affected in a variety of ways by COVID-19 with payment accommodations that facilitated their ability to work through the immediate impact of the virus. Payment accommodations related to COVID-19 assistance were in the form of short-term (six months or less) principal and/or interest deferrals and the loans were considered current at the time of the accommodation. These payment accommodations were made in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and the Company did not categorize these modifications as troubled debt restructurings. As of December 31, 2022, the Company had one hundred fifty-eight ( 158 ) loans totaling $ 98.9 million, for which the payment accommodation period had ended and the loans had resumed payments under their original contractual terms. As of December 31, 2021, the Company had one hundred ninety-nine ( 199 ) loans totaling $ 116.4 million, for which the payment accommodation period had ended and the loans had resumed payments under their original contractual terms. |
Financial Instruments With Off-
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments With Off-Balance Sheet Risk [Abstract] | |
Financial Instruments With Off-Balance Sheet Risk | Note 4 - Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The following financial instruments were outstanding whose contract amounts represent credit risk: December 31, 2022 2021 (In Thousands) Commitments to grant loans, fixed $ 4,302 $ 1,877 Commitments to grant loans, variable 1,500 - Unfunded commitments under lines of credit, fixed 50,359 17,618 Unfunded commitments under lines of credit, variable 133,065 135,660 Standby letters of credit 9,124 9,522 Total $ 198,350 $ 164,677 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. Outstanding letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The majority of these standby letters of credit expire within the next twelve months. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Company requires collateral supporting these letters of credit as deemed necessary. The maximum undiscounted exposure related to these commitments at December 31, 2022 and 2021 was $ 9.1 million and $ 9.5 million, respectively, and the approximate value of underlying collateral upon liquidation that would be expected to cover this maximum potential exposure was $ 7.6 million and $ 7.3 million, respectively. The current amount of the liability as of December 31, 2022 and 2021 for guarantees under standby letters of credit issued is not considered material. |
Bank Premises And Equipment
Bank Premises And Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Bank Premises And Equipment [Abstract] | |
Bank Premises And Equipment | Note 5 - Bank Premises and Equipment The components of premises and equipment are as follows: December 31, 2022 2021 (In Thousands) Furniture, fixtures and equipment $ 4,226 $ 4,190 Leasehold improvements 4,266 4,129 Buildings 1,169 1,163 Computer equipment and data processing software 2,015 1,509 Automobiles 170 150 11,846 11,141 Accumulated depreciation ( 8,003 ) ( 7,147 ) $ 3,843 $ 3,994 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Note 6 – Deposits The components of deposits: December 31, 2022 2021 (In Thousands) Demand, non-interest bearing $ 381,811 $ 323,513 Demand, NOW and money market, interest bearing 244,629 248,401 Savings 681,394 739,637 Time, $250 and over 82,916 54,739 Time, other 130,357 100,735 Total deposits $ 1,521,107 $ 1,467,025 At December 31, 2022, the scheduled maturities of time deposits are as follows (in thousands): 2023 $ 133,521 2024 71,659 2025 5,331 2026 1,758 2027 1,004 $ 213,273 |
Securities Sold Under Agreement
Securities Sold Under Agreements To Repurchase And Offsetting Assets And Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Securities Sold Under Agreements To Repurchase And Offsetting Assets And Liabilities [Abstract] | |
Securities Sold Under Agreements To Repurchase And Offsetting Assets And Liabilities | Note 7 - Securities Sold under Agreements to Repurchase and Offsetting Assets and Liabilities Securities sold under agreements to repurchase generally mature within a few days from the transaction date and are reflected at the amount of cash received in connection with the transaction. The securities are retained under the Company’s control at its safekeeping agent. The Company adjusts collateral based on the fair value of the underlying securities, on a monthly basis. Information concerning securities sold under agreements to repurchase is summarized as follows: 2022 2021 (Dollars In Thousands) Balance outstanding at December 31 $ 13,384 $ 11,252 Weighted average interest rate at the end of the year 1.038 % 0.068 % Average daily balance during the year $ 12,879 $ 12,869 Weighted average interest rate during the year 0.182 % 0.065 % Maximum month-end balance during the year $ 14,947 $ 15,741 The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities. The obligation to repurchase the securities is reflected as a liability in the Company's consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. In other words, there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities. In addition, as the Company does not enter into reverse repurchase agreements, there is no such offsetting to be done with the repurchase agreements. The right of offset for a repurchase agreement resembles a secured borrowing, whereby the collateral would be used to settle the fair value of the repurchase agreement should the Company be in default (e.g., fails to make an interest payment to the counterparty). For private institution repurchase agreements, if the private institution counterparty were to default (e.g., declare bankruptcy), the Company could cancel the repurchase agreement (i.e., cease payment of principal and interest), and attempt collection on the amount of collateral value in excess of the repurchase agreement fair value. The collateral is held by a third-party financial institution in the counterparty's custodial account. The counterparty has the right to sell or repledge the investment securities. For government entity repurchase agreements, the collateral is held by the Company in a segregated custodial account under a tri-party agreement. The following table presents the liabilities subject to an enforceable master netting arrangement or repurchase agreements as of December 31, 2022 and December 31, 2021: Net Amounts Gross Gross Amounts of Liabilities Amounts of Offset in the Presented in the Recognized Consolidated Consolidated Financial Cash Collateral Liabilities Balance Sheet Balance Sheet Instruments Pledged Net Amount (In Thousands) December 31, 2022 Repurchase Agreements: Corporate Institutions $ 13,384 $ - $ 13,384 $ ( 13,384 ) $ - $ - December 31, 2021 Repurchase Agreements: Corporate Institutions $ 11,252 $ - $ 11,252 $ ( 11,252 ) $ - $ - As of December 31, 2022 and December 31, 2021, the fair value of securities pledged was $ 26.0 million and $ 20.3 million, respectively. |
Short-Term and Long-Term Borrow
Short-Term and Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term And Long-Term Borrowings [Abstract] | |
Short-Term And Long-Term Borrowings | Note 8 – Short-term and Long-term Borrowings Federal funds purchased and FHLB short term advances generally represent overnight or less than twelve month borrowings. Long term advances from the FHLB are for periods of twelve months or more and are generally less than sixty months . The Bank has an agreement with the FHLB, which allows for borrowings up to a percentage of qualifying assets. At December 31, 2022, the Bank had a maximum borrowing capacity for short-term and long-term advances of approximately $ 763.5 million, of which $ 763.4 million is available for borrowing at December 31, 2022 due to an outstanding letter of credit in amount of $ 90 thousand. This borrowing capacity with the FHLB includes a line of credit of $ 150.0 million. There were no short-term FHLB advances outstanding as of December 31, 2022 and December 31, 2021. There were no long term FHLB advances outstanding as of December 31, 2022 and $ 14.7 million in long-term FHLB advances outstanding as of December 31, 2021. All FHLB borrowings are secured by qualifying assets of the Bank. The Bank also has a federal funds line of credit with the ACBB of $ 10.0 million, of which none was outstanding at December 31, 2022 and December 31, 2021. Advances from this line are unsecured. The Company has a revolving line of credit facility with the ACBB of $ 7.5 million, of which none was outstanding at December 31, 2022 and December 31, 2021. Advances from this line are unsecured. |
Employment Agreements And Suppl
Employment Agreements And Supplemental Executive Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employment Agreements And Supplemental Executive Retirement Plans [Abstract] | |
Employment Agreements And Supplemental Executive Retirement Plans | Note 9 - Employment Agreements and Supplemental Executive Retirement Plans The Company has entered into employment agreements with its Chief Executive Officer, Chief Financial Officer and Senior Loan Officer. The Senior Loan Officer retired effective December 31, 2022. The Company has an unfunded, non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers that provides for payments upon retirement, death, or disability. As of December 31, 2022 and 2021, other liabilities include $ 7.3 million and $ 6.7 million, respectively, accrued under these plans. For the years ended December 31, 2022 and 2021, $ 637 thousand and $ 688 thousand, respectively, were expensed under these plans. |
Stock Incentive Plan And Employ
Stock Incentive Plan And Employee Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2022 | |
Stock Incentive Plan And Employee Stock Purchase Plan [Abstract] | |
Stock Incentive Plan And Employee Stock Purchase Plan | Note 10 - Stock Incentive Plan and Employee Stock Purchase Plan Stock Incentive Plan: At the Company’s annual meeting on June 20, 2019, the shareholders approved the amendment and restatement of the Embassy Bancorp, Inc. 2010 Stock Incentive Plan (the “SIP”), which was originally adopted by the Company’s shareholders effective June 16, 2010, to replenish the number of shares of common stock available for issuance under the SIP and extend the term of the SIP for another ten ( 10 ) years. The SIP authorizes the Board of Directors, or a committee authorized by the Board of Directors, to award a stock based incentive to (i) designated officers (including officers who are directors) and other designated employees at the Company and its subsidiaries, and (ii) non-employee members of the Board of Directors and advisors and consultants to the Company and its subsidiaries. The SIP provides for stock based incentives in the form of incentive stock options as provided in Section 422 of the Internal Revenue Code of 1986, non-qualified stock options, stock appreciation rights, restricted stock, and deferred stock awards. The term of the option, the amount of time for the option to vest after grant, if any, and other terms and limitations will be determined at the time of grant. Options granted under the SIP may not have an exercise period that is more than ten years from the time the option is granted. The maximum number of shares of common stock authorized for issuance under the SIP increased from 500,000 to 756,356 (in order to replenish the shares that were previously issued). The SIP provides for appropriate adjustments in the number and kind of shares available for grant or subject to outstanding awards under the SIP to avoid dilution in the event of merger, stock splits, stock dividends or other changes in the capitalization of the Company. The SIP expires on June 20, 2029 . At December 31, 2022, there were 407,875 shares available for issuance under the SIP. The Company grants shares of restricted stock, under the SIP, to certain members of its Board of Directors as compensation for their services, in accordance with the Company’s Non-employee Directors Compensation program adopted in October 2010. The Company also grants restricted stock to certain officers under individual agreements with these officers. Some of these restricted stock awards vest immediately, while the remainder vest over a service period of two years to nine years . Management recognizes compensation expense for the fair value of the restricted stock awards on a straight-line basis over the requisite service period. Since inception of the SIP and through the Company’s restricted stock grants activity for the year ended December 31, 2022, there have been 232,238 awards granted. During the years ended December 31, 2022 and 2021 there were 22,632 and 22,307 awards granted, respectively. During the years ended December 31, 2022 and 2021 the Company recognized $ 527 thousand and $ 432 thousand in compensation expense for the restricted stock awards. Information regarding the Company’s restricted stock grants activity for the years ended December 31, 2022 and 2021 are as follows: Restricted Stock Awards Weighted Average Grant Date Fair Value Non-Vested at December 31, 2020 61,784 $ 13.13 Granted 22,307 17.60 Vested ( 30,367 ) 14.19 Non-Vested at December 31, 2021 53,724 $ 14.38 Granted 22,632 19.93 Vested ( 20,590 ) 13.77 Forfeited ( 1,415 ) 14.55 Non-Vested at December 31, 2022 54,351 $ 14.85 The Company has granted stock options to purchase shares of stock to certain executive officers under individual agreements and/or in accordance with their respective employment agreements. There was no stock compensation expense related to these options for the year ended December 31, 2022 and December 31, 2021. At December 31, 2022, there was no unrecognized cost to the stock options. Activities under the SIP, related to stock options, is summarized as follows: Number of Options Weighted Average Exercise Price Outstanding, December 31, 2020 63,632 $ 7.61 Granted - - Exercised ( 29,742 ) 7.00 Forfeited - - Outstanding, December 31, 2021 33,890 $ 8.15 Granted - - Exercised ( 33,890 ) 8.15 Forfeited - - Outstanding, December 31, 2022 - $ - Exercisable, December 31, 2022 - $ - There were no remaining stock options outstanding as of December 31, 2022. Employee Stock Purchase Plan: On Janua ry 1, 2017, the Company implemented the Embassy Bancorp, Inc. Employee Stock Purchase Plan, which was approved by the Company’s shareholders at the annual meeting held on June 16, 2016. Under the plan, each employee of the Company and its subsidiaries who is employed on an offering date and customarily is scheduled to work at least twenty ( 20 ) hours per week and more than five ( 5 ) months in a calendar year is eligible to participate. The purchase price for shares purchased under the plan shall initially equal 95 % of the fair market value of such shares on the date of purchase. The purchase price may be adjusted from time to time by the Board of Directors; provided, however, that the discount to fair market value shall not exceed 15 %. The Company has authorized 350,000 shares of its common stock for the plan, of which 21,905 shares have been issued as of December 31, 2022. The Company recognized discount expense in relation to the employee stock purchase plan of $ 3 thousand during the years ending December 31, 2022 and 2021. |
Other Comprehensive Loss
Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Other Comprehensive Loss [Abstract] | |
Other Comprehensive Loss | Note 11 – Other Comprehensive Loss The components of other comprehensive loss, both before tax and net of tax, are as follows: Year Ended December 31, 2022 2021 (In Thousands) Before Tax Net of Before Tax Net of Tax Effect Tax Tax Effect Tax Change in accumulated other comprehensive loss: Unrealized holding losses on securities available for sale $ ( 63,181 ) $ 13,268 $ ( 49,913 ) $ ( 5,205 ) $ 1,093 $ ( 4,112 ) Reclassification adjustments for gains on securities transactions included in net income (A),(B) - - - ( 24 ) 5 ( 19 ) Total other comprehensive loss $ ( 63,181 ) $ 13,268 $ ( 49,913 ) $ ( 5,229 ) $ 1,098 $ ( 4,131 ) (A) Realized gains on securities transactions included in gain on sales of securities in the accompanying Consolidated Statements of Income. (B) Tax effect included in income tax expense in the accompanying Consolidated Statements of Income. A summary of the realized gains on securities available for sale for the years ended December 31, 2022 and 2021, net of tax, is as follows: Year Ended Year Ended December 31, 2022 2021 (In Thousands) Securities available for sale: Realized gains on securities transactions $ - $ ( 24 ) Income taxes - 5 Net of tax $ - $ ( 19 ) A summary of the accumulated other comprehensive (loss) income, net of tax, is as follows: Securities Available for Sale (In Thousands) Year Ended December 31, 2022 and 2021 Balance January 1, 2022 $ ( 1,194 ) Other comprehensive loss before reclassifications ( 49,913 ) Amounts reclassified from accumulated other comprehensive income - Net other comprehensive loss during the period ( 49,913 ) Balance December 31, 2022 $ ( 51,107 ) Balance January 1, 2021 $ 2,937 Other comprehensive loss before reclassifications ( 4,112 ) Amounts reclassified from accumulated other comprehensive income ( 19 ) Net other comprehensive loss during the period ( 4,131 ) Balance December 31, 2021 $ ( 1,194 ) |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 12 - Regulatory Matters The Company is required to maintain cash reserve balances in vault cash and with the Federal Reserve Bank. As of December 31, 2022, due to the reserve requirement ratios being set at 0 % effective March 26, 2020, the Company had no minimum reserve requirement. The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Under the BASEL III rules the Company and the Bank must hold a capital conservation buffer of 2.50% above the adequately capitalized risk-based capital ratios. The net unrealized gain or losses on available-for-sale securities are not included in computing regulatory capital amounts. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, both the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth below) of total, Tier 1 common capital, and Tier 1 capital (as defined in the regulations) to risk-weighted assets and of Tier 1 capital to average assets. Management believes, as of December 31, 2022, that the Company and the Bank meet all capital adequacy requirements to which they are subject. Effective in 2018, the Federal Reserve raised the consolidated asset limit to be considered a small bank holding company from $1 billion to $3 billion. A company that qualifies as a small bank holding company is not subject to the Federal Reserve’s consolidated capital rules, although a company that so qualifies may continue to file reports that include such capital amounts and ratios. The Company has elected to continue to report those amounts and ratios. As of December 31, 2022, the most recent notification from the regulatory agencies categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios at December 31, 2022 and 2021 are presented below: Actual For Capital Adequacy Purposes To be Well Capitalized under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollar Amounts in Thousands) December 31, 2022: Total capital (to risk-weighted assets) $ 151,624 14.1 % $ ≥ 86,159 ≥ 8.0 % $ ≥ 107,699 ≥ 10.0 % Tier 1 common capital (to risk-weighted assets) 139,175 12.9 ≥ 48,465 ≥ 4.5 ≥ 70,004 ≥ 6.5 Tier 1 capital (to risk-weighted assets) 139,175 12.9 ≥ 64,619 ≥ 6.0 ≥ 86,159 ≥ 8.0 Tier 1 capital (to average assets) 139,175 8.3 ≥ 66,976 ≥ 4.0 ≥ 83,720 ≥ 5.0 December 31, 2021: Total capital (to risk-weighted assets) $ 135,004 14.0 % $ ≥ 77,045 ≥ 8.0 % $ ≥ 96,306 ≥ 10.0 % Tier 1 common capital (to risk-weighted assets) 123,520 12.8 ≥ 43,338 ≥ 4.5 ≥ 62,599 ≥ 6.5 Tier 1 capital (to risk-weighted assets) 123,520 12.8 ≥ 57,784 ≥ 6.0 ≥ 77,045 ≥ 8.0 Tier 1 capital (to average assets) 123,520 7.7 ≥ 64,091 ≥ 4.0 ≥ 80,114 ≥ 5.0 The Company’s actual capital amounts and ratios at December 31, 2022 and 2021 are presented below: Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollar Amounts in Thousands) December 31, 2022: Total capital (to risk-weighted assets) $ 151,832 14.1 % $ ≥ 86,142 ≥ 8.0 % Tier 1 common capital (to risk-weighted assets) 139,383 12.9 ≥ 48,455 ≥ 4.5 Tier 1 capital (to risk-weighted assets) 139,383 12.9 ≥ 64,606 ≥ 6.0 Tier 1 capital (to average assets) 139,383 8.3 ≥ 66,978 ≥ 4.0 December 31, 2021: Total capital (to risk-weighted assets) $ 135,193 14.0 % $ ≥ 76,991 ≥ 8.0 % Tier 1 common capital (to risk-weighted assets) 123,709 12.9 ≥ 43,307 ≥ 4.5 Tier 1 capital (to risk-weighted assets) 123,709 12.9 ≥ 57,743 ≥ 6.0 Tier 1 capital (to average assets) 123,709 7.7 ≥ 64,092 ≥ 4.0 The Bank is subject to certain restrictions on the amount of dividends that it may declare due to regulatory considerations. The Pennsylvania Banking Code provides that cash dividends may be declared and paid only out of accumulated net earnings. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 13 - Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy utilized at December 31, 2022 and 2021 are as follows: Description (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Total (In Thousands) U.S. Treasury securities $ - $ 16,771 $ - $ 16,771 U.S. Government agency obligations - 32,551 - 32,551 Municipal bonds - 58,617 - 58,617 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial - 434 - 434 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential - 208,619 - 208,619 December 31, 2022 Securities available for sale $ - $ 316,992 $ - $ 316,992 U.S. Government agency obligations $ - $ 28,858 $ - $ 28,858 Municipal bonds - 61,104 - 61,104 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial - 530 - 530 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential - 219,772 - 219,772 December 31, 2021 Securities available for sale $ - $ 310,264 $ - $ 310,264 The fair value of securities available for sale are determined by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted prices. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2022 and 2021 are as follows: Description (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Total (In Thousands) December 31, 2022 Impaired loans $ - $ - $ 868 $ 868 December 31, 2021 Impaired loans $ - $ - $ 916 $ 916 Impaired loans are those that are accounted for under existing FASB guidance, in which the Bank has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. Fair values may also include qualitative adjustments by management based on economic conditions and liquidation expenses. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Real estate properties acquired through, or in lieu of, foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based upon independent market prices or appraised value of the property. These assets would be included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. At both December 31, 2022 and December 31, 2021, the Company had no real estate properties acquired through, or in lieu of, foreclosure. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Description Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) (Dollars In Thousands) December 31, 2022: Impaired loans $ 868 Appraisal of collateral and Appraisal adjustments (1) 0 % to - 25 % (- 25.0 %) pending agreement of sale Liquidation expenses (2) 0 % to - 7.5 % (- 7.5 %) December 31, 2021: Impaired loans $ 916 Appraisal of collateral and Appraisal adjustments (1) 0 % to - 25 % (- 22.8 %) pending agreement of sale Liquidation expenses (2) 0 % to - 8.5 % (- 7.7 %) (1) Appraisals may be adjusted by management for qualitative factors including economic conditions and the age of the appraisal. The range and weighted average of appraisal adjustments are presented as a percent of the appraisal. (2) Appraisals and pending agreements of sale are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percent of the appraisal or pending agreement of sale. The estimated fair values of the Company’s financial instruments were as follows at December 31, 2022 and 2021: (Level 1) Quoted (Level 2) Prices in Significant (Level 3) Active Other Significant Carrying Fair Value Markets for Observable Unobservable Amount Estimate Identical Assets Inputs Inputs (In Thousands) December 31, 2022: Financial assets: Cash and cash equivalents $ 67,295 $ 67,295 $ 67,295 $ - $ - Securities available-for-sale 316,992 316,992 - 316,992 - Loans receivable, net of allowance 1,196,164 1,163,947 - - 1,163,947 Paycheck Protection Program loans receivable 286 255 - - 255 Restricted investments in bank stock 995 995 - 995 - Accrued interest receivable 2,926 2,926 - 2,926 - Financial liabilities: Deposits 1,521,107 1,516,911 - 1,516,911 - Securities sold under agreements to repurchase and federal funds purchased 13,384 13,384 - 13,384 - Accrued interest payable 986 986 - 986 - Off-balance sheet financial instruments: Commitments to grant loans - - - - - Unfunded commitments under lines of credit - - - - - Standby letters of credit - - - - - December 31, 2021: Financial assets: Cash and cash equivalents $ 169,692 $ 169,692 $ 169,692 $ - $ - Securities available-for-sale 310,264 310,264 - 310,264 - Loans receivable, net of allowance 1,096,555 1,141,467 - - 1,141,467 Paycheck Protection Program loans receivable 8,568 8,163 - 8,163 Restricted investments in bank stock 1,424 1,424 - 1,424 - Accrued interest receivable 2,603 2,603 - 2,603 - Financial liabilities: Deposits 1,467,025 1,467,938 - 1,467,938 - Securities sold under agreements to repurchase and federal funds purchased 11,252 11,252 - 11,252 - Long-term borrowings 14,651 14,665 - - 14,665 Accrued interest payable 652 652 - 652 - Off-balance sheet financial instruments: Commitments to grant loans - - - - - Unfunded commitments under lines of credit - - - - - Standby letters of credit - - - - - |
Transactions With Executive Off
Transactions With Executive Officers, Directors And Principal Stockholders | 12 Months Ended |
Dec. 31, 2022 | |
Transactions With Executive Officers, Directors And Principal Stockholders [Abstract] | |
Transactions With Executive Officers, Directors And Principal Stockholders | Note 14 - Transactions with Executive Officers, Directors and Principal Stockholders The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families, and affiliated companies (commonly referred to as related parties). Related parties were indebted to the Company for loans totaling $ 15.3 million at December 31, 2022 and December 31, 2021. During 2022, loans totaling $ 1.4 million were disbursed and loan repayments totaled $ 1.4 million. Deposits with related parties were $ 15.4 million and $ 17.1 million at December 31, 2022 and 2021, respectively. Fees paid to related parties for legal services for the years ended December 31, 2022 and 2021 were approximately $ 51 thousand and $ 59 thousand, respectively. The Company leases its main banking office from an investment group comprised of related parties and its West Broad Street office also from a related party, as disclosed in Note 15. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Lease Commitments [Abstract] | |
Lease Commitments | Note 15 - Lease Commitments The Company’s leases are all classified as operating leases. Currently, many of these leases contain renewal options. The Company has reviewed and based the right of use assets and lease liabilities on the present value of unpaid future minimum lease payments. Additionally, the amounts for the branch leases were impacted by assumptions around renewals and/or extensions and the interest rate used to discount those future lease obligations. The Company used the FHLB advance rates to calculate the discount rate in their review because none of the Company’s leases provided an implicit rate. At December 31, 2022 and 2021 the weighted average discount rate for all operating leases was 2.89 % and 2.90 %, respectively, with branch leases having a weighted average discount rate of 2.91 % and 2.93 %, respectively, and equipment leases having a weighted average discount rate of 0.89 % and 1.08 %, respectively. These leases expire at various dates through October 2030. All operating equipment leases do not have renewal language in their contracts and therefore use the current term. As of December 31, 2022 and 2021, the operating leases overall had a weighted average lease term of 4.95 and 5.78 years, respectively, with the branch leases having a weighted average life of 4.98 and 5.83 years, respectively, and equipment leases having a weighted average life of 2.52 and 3.19 years, respectively. At December 31, 2022, the Company had right of use assets of $ 7.2 million (included in other assets) and lease liabilities of $ 7.3 million (included in other liabilities ) and at December 31, 2021, the Company had right of use assets of $ 8.7 million (included in other assets ) and lease liabilities of $ 8.9 million (included in other liabilities), respectively. The cost for operating leases was $ 1.8 million for the years ended December 31, 2022 and December 31, 2021, respectively. Operating cash flow paid for lease liabilities was $ 1.8 million for the years ended December 31, 2022 and December 31, 2021, respectively. In addition to fixed rentals, the leases require the Company to pay certain additional expenses of occupying these spaces, including real estate taxes, insurance, utilities, and repairs. These additional expenses, along with depreciation on leasehold improvements, are included in occupancy and equipment expense in the Consolidated Statements of Income. A portion of these leases are with related parties as noted in the following table. A reconciliation of operating lease liabilities by minimum lease payments by year and in aggregate and discount amounts in aggregate, as of December 31, 2022, are as follows: Branch Leases Equipment Third Parties Related Parties Leases Total (In Thousands) 2023 $ 1,137 $ 672 $ 41 $ 1,850 2024 1,067 685 39 1,791 2025 763 698 22 1,483 2026 741 671 - 1,412 2027 374 55 - 429 Thereafter 864 - - 864 Total Payments 4,946 2,781 102 7,829 Less: Discount Amount 303 185 1 489 Total Lease Liability $ 4,643 $ 2,596 $ 101 $ 7,340 Rent expense to related parties was $ 661 thousand for the years ended December 31, 2022 and 2021, respectively, as described in Note 14. |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Federal Income Taxes [Abstract] | |
Federal Income Taxes | Note 16 - Federal Income Taxes The components of income tax expense are as follows: Year Ended December 31, 2022 2021 (In Thousands) Current $ 4,639 $ 4,324 Deferred ( 348 ) ( 258 ) Income Tax Expense $ 4,291 $ 4,066 A reconciliation of the statutory federal income tax at a rate of 21 % as of December 31, 2022 and December 31, 2021 to the income tax expense included in the consolidated statements of income is as follows: Years Ended December 31, 2022 2021 (In Thousands) Dollar % Dollar % Federal income tax at statutory rate $ 4,619 21.0 % $ 4,379 21.0 % Tax-exempt interest ( 281 ) ( 1.3 ) % ( 243 ) ( 1.2 ) % Bank owned life insurance ( 90 ) ( 0.4 ) % ( 104 ) ( 0.5 ) % Other 43 0.2 % 34 0.2 % Income Tax Expense $ 4,291 19.5 % $ 4,066 19.5 % The Company evaluates its tax positions which is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. As of December 31, 2022 and 2021, the Company had no material unrecognized tax benefits or accrued interest and penalties. The Company’s policy is to account for interest as a component of interest expense and penalties as a component of other expense. The components of the net deferred tax asset (included in other assets) are as follows: December 31, 2022 2021 (In Thousands) Deferred tax assets: Allowance for loan losses $ 2,614 $ 2,412 Deferred compensation 1,540 1,406 Lease liability 1,541 1,876 Unrealized loss on securities available for sale 13,585 317 Other 17 19 Total Deferred Tax Assets 19,297 6,030 Deferred tax liabilities: Premises and equipment 73 87 Prepaid assets 287 321 Deferred loan costs 617 589 Right of use asset 1,505 1,834 Total Deferred Tax Liabilities $ 2,482 $ 2,831 Net Deferred Tax Asset $ 16,815 $ 3,199 Based upon the level of historical taxable income and projections for future taxable income over periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences. |
Parent Company Only Financial
Parent Company Only Financial | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Only Financial [Abstract] | |
Parent Company Only Financial | Note 17 – Parent Company Only Financial Conde nsed financial information pertaining only to the parent company, Embassy Bancorp, Inc., is as follows: BALANCE SHEETS December 31, 2022 2021 (In Thousands) ASSETS Cash $ 548 $ 481 Other assets 49 43 Investment in subsidiary 88,067 122,325 Total Assets $ 88,664 $ 122,849 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 388 $ 334 Stockholders’ equity 88,276 122,515 Total Liabilities and Stockholders’ Equity $ 88,664 $ 122,849 STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME Years Ending December 31, 2022 2021 (In Thousands) Other expenses $ ( 560 ) $ ( 482 ) Equity in net income of banking subsidiary 18,150 17,171 Income before income taxes 17,590 16,689 Income tax benefit 112 97 Net income $ 17,702 $ 16,786 Equity in other comprehensive loss of banking subsidiary ( 49,913 ) ( 4,131 ) Comprehensive (loss) income $ ( 32,211 ) $ 12,655 STATEMENT OF CASH FLOWS Years Ending December 31, 2022 2021 (In Thousands) Cash Flows from Operating Activities : Net income $ 17,702 $ 16,786 Adjustments to reconcile net income to net cash provided by operating activities: Stock compensation expense 527 432 Net change in other assets and liabilities 48 42 Equity in net income of banking subsidiary ( 18,150 ) ( 17,171 ) Net Cash Provided By Operating Activities 127 89 Cash Flows Provided By Investing Activities: Dividend from banking subsidiary 2,495 2,665 Cash Flows from Financing Activities: Exercise of stock options, net of payment for stock tendered, and proceeds from employee stock purchase plan 189 177 Purchase of treasury stock ( 100 ) ( 670 ) Dividends paid ( 2,644 ) ( 2,253 ) Net Cash Used in Financing Activities ( 2,555 ) ( 2,746 ) Net Increase in Cash 67 8 Cash – Beginning 481 473 Cash - Ending $ 548 $ 481 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation And Nature Of Operations | Principles of Consolidation and Nature of Operations Embassy Bancorp, Inc. (the “Company”) is a Pennsylvania corporation organized in 2008 and registered as a bank holding company pursuant to the Bank Holding Company Act of 1956, as amended (the “BHC Act”). The Company was formed for purposes of acquiring Embassy Bank For The Lehigh Valley (the “Bank”) in connection with the reorganization of the Bank into a bank holding company structure, which was consummated on November 11, 2008. Accordingly, the Company owns all of the capital stock of the Bank, giving the organization more flexibility in meeting its capital needs as the Company continues to grow. The Bank, which is the Company’s principal operating subsidiary, was originally incorporated as a Pennsylvania bank on May 11, 2001 and opened its doors on November 6, 2001. It was formed by a group of local business persons and professionals with significant prior experience in community banking in the Lehigh Valley area of Pennsylvania, the Bank’s primary market area. |
Estimates | Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of other-than-temporary impairment on available for sale debt securities, and the determination of the allowance for loan losses. |
Concentrations Of Credit Risk | Concentrations of Credit Risk Most of the Company’s activities are with customers located in the Lehigh Valley area of Pennsylvania. Note 2 discusses the types of securities in which the Company invests. The concentrations of credit by type of loan are set forth in Note 3. The Company does not have any significant concentrations to any one specific industry or customer, with the exception of lending activity to a broad range of lessors of residential and non-residential real estate within the Lehigh Valley. Although the Company has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. |
Presentation Of Cash Flows | Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing demand deposits with banks, and federal funds sold. Generally, federal funds are purchased or sold for less than one week periods. |
Securities | Securities Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Securities available for sale are carried at fair value. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Unrealized gains and losses are reported as increases or decreases in other comprehensive (loss) income. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Other-than-temporary accounting guidance specifies that (a) if a company does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired unless there is a credit loss. When an entity does not intend to sell the security, and it is more likely than not the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. The Company recognized no other-than-temporary impairment charges during the years ended December 31, 2022 and 2021. |
Restricted Investments In Bank Stock | Restricted Investments in Bank Stock Restricted investments in bank stock consist of FHLBank Pittsburgh (“FHLB”) stock and Atlantic Community Bankers Bank (“ACBB”) stock. The restricted stocks have no quoted market value and are carried at cost. Federal law requires a member institution of the FHLB to hold stock of its district FHLB according to a predetermined formula. Management evaluates the FHLB and ACBB restricted stock for impairment. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the issuer as compared to the capital stock amount for the issuer and the length of time this situation has persisted, (2) commitments by the issuer to make payments required by law or regulation and the level of such payments in relation to the operating performance of the issuer, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the issuer. Management believes no impairment charge is necessary related to the FHLB or ACBB restricted stock as of December 31, 2022. No impairment charge was taken related to the FHLB or ACBB restricted stock as of December 31, 2021. |
Loans Receivable | Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield using the effective interest method. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective interest method. Delinquency fees are recognized in income when collected. As described in Note 3, the Company has presented Paycheck Protection Program (“PPP”) loans separately from loans receivable on the Consolidated Balance Sheets. The non-PPP loans receivable portfolio is segmented into commercial and consumer loans. Commercial loans consist of the following classes: commercial real estate, commercial construction and commercial. Consumer loans consist of the following classes: residential real estate and other consumer loans. The Company makes commercial loans for real estate development and other business purposes required by the customer base. The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversion of assets. Commercial real estate loans include long-term loans financing commercial properties. Repayments of these loans are dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate loans typically require a loan to value ratio of not greater than 80 % and vary in terms. Residential mortgages and home equity loans are secured by the borrower’s residential real estate in either a first or second lien position. Residential mortgages and home equity loans have varying interest rates (fixed or variable) depending on the financial condition of the borrower and the loan to value ratio. Residential mortgages may have amortizations up to 30 years and home equity loans may have maturities up to 25 years. Other consumer loans include installment loans, car loans, and overdraft lines of credit. Some of these loans may be unsecured. For all classes of loans receivable, the accrual of interest may be discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed. Interest received on nonaccrual loans, including impaired loans, generally is applied against principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. |
Allowance For Loan Losses | Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans, or portions of loans, determined to be confirmed losses are charged against the allowance account and subsequent recoveries, if any, are credited to the account. A loss is considered confirmed when information available at the balance sheet date indicates the loan, or a portion thereof, is uncollectible. As further described in Note 3, because of the 100 % Small Business Administration’s (“SBA”) guarantee, the Company has determined that no allowance for loan losses is required on PPP loans. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. Management maintains the allowance for loan losses at a level it believes adequate to absorb probable credit losses related to specifically identified loans, as well as probable incurred losses inherent in the remainder of the loan portfolio as of the balance sheet dates. The allowance for loan losses account consists of specific and general reserves. For the specific portion of the allowance for loan losses, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Factors considered by management in determining impairment include payment status, ability to pay and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans considered impaired are measured for impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. If the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, if the loan is collateral dependent, is less than the recorded investment in the loan, including accrued interest and net deferred loan fees or costs, the Company will recognize the impairment by adjusting the allowance for loan losses account through charges to earnings as a provision for loan losses. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. The general portion of the allowance for loan losses covers pools of loans by major loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate and other consumer loans. Loss contingencies for each of the major loan pools are determined by applying a total loss factor to the current balance outstanding for each individual pool. The total loss factor is comprised of a historical loss factor using the loss migration method plus a qualitative factor, which adjusts the historical loss factor for changes in trends, conditions and other relevant factors that may affect repayment of the loans in these pools as of the evaluation date. Loss migration involves determining the percentage of each pool that is expected to ultimately result in loss based on historical loss experience. Historical loss factors are based on the ratio of net loans charged-off to loans, net, for each of the major groups of loans. The historical loss factor for each pool, includes but is not limited to, an average of the Company’s historical net charge-off ratio for the most recent rolling four years plus current year to date. In addition to these historical loss factors, management also uses a qualitative factor that represents a number of environmental risks that may cause estimated credit losses associated with the current portfolio to differ from historical loss experience. These environmental risks include: (i) changes in lending policies and procedures including underwriting standards and collection, charge-off and recovery practices; (ii) changes in the composition and volume of the portfolio; (iii) changes in national, local and industry conditions, including the effects of such changes on the value of underlying collateral for collateral-dependent loans; (iv) changes in the volume and severity of classified loans, including past due, nonaccrual, troubled debt restructures and other loan modifications; (v) changes in the levels of, and trends in, charge-offs and recoveries; (vi) the existence and effect of any concentrations of credit and changes in the level of such concentrations; (vii) changes in the experience, ability and depth of lending management and other relevant staff; (viii) changes in the quality of the loan review system and the degree of oversight by the board of directors; and (ix) the effect of external factors such as competition and regulatory requirements on the level of estimated credit losses in the current loan portfolio. Each environmental risk factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. In 2021 and 2022, the Bank adjusted the economic risk factor and other external factor methodologies to incorporate the current economic implications of inflation rates, gas prices, supply chain disruptions, and any future interest rate increases. All loans that received a CARES Act Section 4013 modification are provided additional qualitative reserve in the Company’s allowance for loan loss calculation. The unallocated component of the general allowance is used to cover inherent losses that exist as of the evaluation date, but which have not been identified as part of the allocated allowance using the above impairment evaluation methodology due to limitations in the process. One such limitation is the imprecision of accurately estimating the impact current economic conditions will have on historical loss rates. Variations in the magnitude of impact may cause estimated credit losses associated with the current portfolio to differ from historical loss experience, resulting in an allowance that is higher or lower than the anticipated level. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors, and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payment, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weakness may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness and borrowers are highly leveraged. They include loans that are inadequately protected by the current sound net worth and the paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned is comprised of properties acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as an in-substance foreclosure when the Company has taken possession of the collateral, regardless of whether formal foreclosure proceedings take place. Other real estate owned is recorded at fair value less cost to sell at the time of acquisition. Any excess of the loan balance over the recorded value is charged to the allowance for loan losses at the time of acquisition. After foreclosure, valuations are periodically performed and the assets are carried at the lower of cost or fair value less cost to sell. Changes in the valuation allowance on foreclosed assets are included in other non-interest income. Costs to maintain the assets are included in other non-interest expenses. Any gain or loss realized upon disposal of other real estate owned is included in other non-interest income. There were no foreclosed assets as of December 31, 2022 and 2021. |
Bank Owned Life Insurance | Bank Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) as a tax deferred investment and a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Company on certain of its employees and directors. The Company is the owner and primary beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income from increases in cash surrender value of the policies is included in non-interest income and is not subject to income taxes unless surrendered. The Company does not intend to surrender these policies, and accordingly, no deferred taxes have been recorded on the earnings from these policies. |
Premises And Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the following estimated useful lives of the related assets: furniture, fixtures and equipment for five years to ten years , leasehold improvements for the life of the lease, building for forty years , computer equipment and data processing software for one year to f ive years , and automobiles for five years . |
Transfers Of Financial Assets | Transfers of Financial Assets Transfers of financial assets, including sales of loan participations, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Advertising Costs | Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. |
Income Taxes | Income T axes Income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to taxable income. Deferred income taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and net operating loss carry forwards and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Earnings Per Share | Earn ings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period, as adjusted for stock dividends and splits. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. Year Ended December 31, 2022 2021 (Dollars In Thousands, Except Per Share Data) Net income $ 17,702 $ 16,786 Weighted average shares outstanding 7,554,790 7,517,669 Dilutive effect of potential common shares, stock options 16,438 37,116 Diluted weighted average common shares outstanding 7,571,228 7,554,785 Basic earnings per share $ 2.34 $ 2.23 Diluted earnings per share $ 2.34 $ 2.22 There were no stock options not considered in computing diluted earnings per common share for the years ended December 31, 2022 and December 31, 2021. |
Employee Benefit Plan | Employee Benefit Plan The Company has a 401(k) Plan (the “Plan”) for employees. All employees are eligible to participate after they have attained the age of 21 and have also completed 6 consecutive months of service during which at least 500 hours of service are completed. The employees may contribute up to the maximum percentage allowable by law of their compensation to the Plan, and the Company provides a match of fifty percent of the first 8 % percent to eligible participating employees. Full vesting in the Plan is prorated equally over a four year period. The Company’s contributions to the Plan for the years ended December 31, 2022 and 2021 were $ 284 thousand and $ 278 thousand, respectively. |
Off Balance Sheet Financial Instruments | Off Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the consolidated balance sheet when they are funded. |
Comprehensive (Loss) Income | Comprehensive (Loss) Income US GAAP requires that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income. |
Stock-Based Compensation | Stock-Based Compensation The Company measures and records compensation expense for share-based payments based on the instrument's fair value on the date of grant. The fair value of each stock option grant is measured using the Black-Scholes option pricing model. The fair value of stock awards is based on the Company's stock price. Share-based compensation expense is recognized over the service period, generally defined as the vesting period. |
Non-Interest Income | Non-Interest Income The majority of the Company’s revenue-generating transactions are not subject to Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, including revenue generated from financial instruments, such as its loans and investment securities, as these activities are subject to other US GAAP discussed elsewhere within the Company’s disclosures. Descriptions of the Company’s revenue-generating activities that are within the scope of Topic 606, which are presented in the consolidated statement of income as components of non-interest income, are merchant processing and credit card processing fees, debit card interchange fees, other service fees on deposit accounts, and gains and losses on other real estate owned. Credit card processing fees include income from consumer and commercial credit cards and merchant processing income. Income for such performance obligations are generally received at the time the performance obligations are satisfied or within the monthly service period. Service fees on deposit accounts represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the Company’s performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). The Company recognizes debit card interchange fees daily from debit cardholder transactions conducted through the MasterCard payment network. The Company records a gain or loss from the sale of other real estate owned when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of other real estate owned to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction prices and related gain or loss on the sale if a significant financing component is present. The Company does not sell its mortgages on the secondary market, nor does it offer trust or investment brokerage services to its customers to generate fee income. |
Subsequent Events | Subsequent Events The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2022 through the date these consolidated financial statements were available for issuance for items that should potentially be recognized or disclosed in these consolidated financial statements. |
Future Accounting Standards | Future Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses”. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In November 2019, the FASB issued an update to defer the implementation date for smaller reporting companies from 2020 to 2023. The Company currently qualifies as a smaller reporting company under SEC Regulation S-K and, therefore, the guidance is effective for the Company in 2023. Management has gathered all necessary data and selected a method to calculate the expected credit losses. The Company will adopt ASU 2016-13 on January 1, 2023 using the modified retrospective approach. Based on implementation efforts to date, management expects to make an immaterial adjustment to opening retained earnings as a result of its adoption of this standard. The Company is in the process of finalizing its operational and control structure supporting the process. |
Reclassification | Reclassification Certain amounts in the 2021 consolidated financial statements may have been reclassified to conform to 2022 presentation. These reclassifications had no effect on 2021 net income. |
Securities Sold under Agreeme_2
Securities Sold under Agreements to Repurchase and Offsetting Assets and Liabilities (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Securities Sold Under Agreements To Repurchase And Offsetting Assets And Liabilities [Abstract] | |
Securities Sold Under Agreements To Repurchase | Securities sold under agreements to repurchase generally mature within a few days from the transaction date and are reflected at the amount of cash received in connection with the transaction. The securities are retained under the Company’s control at its safekeeping agent. The Company adjusts collateral based on the fair value of the underlying securities, on a monthly basis. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Earnings Per Share | Year Ended December 31, 2022 2021 (Dollars In Thousands, Except Per Share Data) Net income $ 17,702 $ 16,786 Weighted average shares outstanding 7,554,790 7,517,669 Dilutive effect of potential common shares, stock options 16,438 37,116 Diluted weighted average common shares outstanding 7,571,228 7,554,785 Basic earnings per share $ 2.34 $ 2.23 Diluted earnings per share $ 2.34 $ 2.22 |
Securities Available For Sale (
Securities Available For Sale (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Securities Available For Sale [Abstract] | |
Amortized Cost And Fair Values Of Securities Available-For-Sale | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) December 31, 2022: U.S. Treasury securities $ 17,217 $ - $ ( 446 ) $ 16,771 U.S. Government agency obligations 34,069 - ( 1,518 ) 32,551 Municipal bonds 73,958 112 ( 15,453 ) 58,617 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 510 - ( 76 ) 434 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 255,930 2 ( 47,313 ) 208,619 Total $ 381,684 $ 114 $ ( 64,806 ) $ 316,992 December 31, 2021: U.S. Government agency obligations $ 29,146 $ - $ ( 288 ) $ 28,858 Municipal bonds 60,017 1,464 ( 377 ) 61,104 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 511 19 - 530 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 222,101 885 ( 3,214 ) 219,772 Total $ 311,775 $ 2,368 $ ( 3,879 ) $ 310,264 |
Securities Available-For-Sale By Contractual Maturity | Amortized Fair Cost Value (In Thousands) Due in one year or less $ 34,369 $ 33,024 Due after one year through five years 19,053 18,352 Due after five years through ten years 5,363 5,135 Due after ten years 66,459 51,428 125,244 107,939 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 510 434 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 255,930 208,619 $ 381,684 $ 316,992 |
Investments' Gross Unrealized Losses And Fair Value | Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2022 : (In Thousands) U.S. Treasury securities $ 16,771 $ ( 446 ) $ - $ - $ 16,771 $ ( 446 ) U.S. Government agency obligations - - 32,551 ( 1,518 ) 32,551 ( 1,518 ) Municipal bonds 32,103 ( 6,308 ) 22,099 ( 9,145 ) 54,202 ( 15,453 ) U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 434 ( 76 ) - - 434 ( 76 ) U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 32,203 ( 3,166 ) 176,281 ( 44,147 ) 208,484 ( 47,313 ) Total Temporarily Impaired Securities $ 81,511 $ ( 9,996 ) $ 230,931 $ ( 54,810 ) $ 312,442 $ ( 64,806 ) December 31, 2021 : U.S. Government agency obligations $ 9,911 $ ( 84 ) $ 18,947 $ ( 204 ) $ 28,858 $ ( 288 ) Municipal bonds 20,722 ( 377 ) - - 20,722 ( 377 ) U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 190,435 ( 3,214 ) - - 190,435 ( 3,214 ) Total Temporarily Impaired Securities $ 221,068 $ ( 3,675 ) $ 18,947 $ ( 204 ) $ 240,015 $ ( 3,879 ) |
Loans Receivable and Credit Q_2
Loans Receivable and Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans Receivable And Credit Quality [Abstract] | |
Composition Of Loans Receivable | December 31, 2022 2021 (In Thousands) Commercial real estate $ 507,300 $ 440,655 Commercial construction 16,761 6,100 Commercial 39,520 41,923 Residential real estate 643,975 618,694 Consumer 782 642 Total Loans 1,208,338 1,108,014 Unearned net loan origination costs 275 25 Allowance for Loan Losses ( 12,449 ) ( 11,484 ) Net Loans $ 1,196,164 $ 1,096,555 |
Activity In Allowance For Loan Losses | Commercial Real Estate Commercial Construction Commercial Residential Real Estate Consumer Unallocated Total (In Thousands) Allowance for loan losses Year Ending December 31, 2022 Beginning Balance - December 31, 2021 $ 4,400 $ 71 $ 1,328 $ 4,718 $ 14 $ 953 $ 11,484 Charge-offs - - - - - - - Recoveries - - - 70 - - 70 Provisions 713 129 ( 39 ) 172 ( 1 ) ( 79 ) 895 Ending Balance - December 31, 2022 $ 5,113 $ 200 $ 1,289 $ 4,960 $ 13 $ 874 $ 12,449 Year Ending December 31, 2021 Beginning Balance - December 31, 2020 $ 4,379 $ 150 $ 848 $ 4,485 $ 14 $ 694 $ 10,570 Charge-offs - - - ( 2 ) ( 2 ) - ( 4 ) Recoveries - - - 3 - - 3 Provisions 21 ( 79 ) 480 232 2 259 915 Ending Balance - December 31, 2021 $ 4,400 $ 71 $ 1,328 $ 4,718 $ 14 $ 953 $ 11,484 |
Allocation Of Allowance For Loan Losses And Related Loan Portfolio | Commercial Real Estate Commercial Construction Commercial Residential Real Estate Consumer Unallocated Total (In Thousands) December 31, 2022 Allowance for Loan Losses Ending Balance $ 5,113 $ 200 $ 1,289 $ 4,960 $ 13 $ 874 $ 12,449 Ending balance: individually evaluated for impairment $ - $ 29 $ 33 $ 107 $ - $ - $ 169 Ending balance: collectively evaluated for impairment $ 5,113 $ 171 $ 1,256 $ 4,853 $ 13 $ 874 $ 12,280 Loans receivable: Ending balance $ 507,300 $ 16,761 $ 39,520 $ 643,975 $ 782 $ 1,208,338 Ending balance: individually evaluated for impairment $ 1,371 $ 303 $ 240 $ 1,317 $ - $ 3,231 Ending balance: collectively evaluated for impairment $ 505,929 $ 16,458 $ 39,280 $ 642,658 $ 782 $ 1,205,107 December 31, 2021 Allowance for Loan Losses Ending Balance $ 4,400 $ 71 $ 1,328 $ 4,718 $ 14 $ 953 $ 11,484 Ending balance: individually evaluated for impairment $ - $ 7 $ 41 $ 116 $ - $ - $ 164 Ending balance: collectively evaluated for impairment $ 4,400 $ 64 $ 1,287 $ 4,602 $ 14 $ 953 $ 11,320 Loans receivable: Ending balance $ 440,655 $ 6,100 $ 41,923 $ 618,694 $ 642 $ 1,108,014 Ending balance: individually evaluated for impairment $ 1,433 $ 311 $ 248 $ 1,508 $ - $ 3,500 Ending balance: collectively evaluated for impairment $ 439,222 $ 5,789 $ 41,675 $ 617,186 $ 642 $ 1,104,514 |
Schedule Of Impaired Loans | Year to Date Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2022 (In Thousands) With no related allowance recorded: Commercial real estate $ 1,371 $ 1,611 $ 1,395 $ 66 Commercial construction 55 55 55 3 Commercial - - - - Residential real estate 768 772 719 30 Consumer - - - - With an allowance recorded: Commercial real estate $ - $ - $ - $ - $ - Commercial construction 248 248 29 251 8 Commercial 240 240 33 243 10 Residential real estate 549 549 107 560 20 Consumer - - - - - Total: Commercial real estate $ 1,371 $ 1,611 $ - $ 1,395 $ 66 Commercial construction 303 303 29 306 11 Commercial 240 240 33 243 10 Residential real estate 1,317 1,321 107 1,279 50 Consumer - - - - - $ 3,231 $ 3,475 $ 169 $ 3,223 $ 137 December 31, 2021 With no related allowance recorded: Commercial real estate $ 1,433 $ 1,673 $ 981 $ 69 Commercial construction 55 55 249 2 Commercial - - - - Residential real estate 932 1,002 1,283 36 Consumer - - - - With an allowance recorded: Commercial real estate $ - $ - $ - $ 513 $ - Commercial construction 256 256 7 64 8 Commercial 248 248 41 232 10 Residential real estate 576 576 116 586 21 Consumer - - - - - Total: Commercial real estate $ 1,433 $ 1,673 $ - $ 1,494 $ 69 Commercial construction 311 311 7 313 10 Commercial 248 248 41 232 10 Residential real estate 1,508 1,578 116 1,869 57 Consumer - - - - - $ 3,500 $ 3,810 $ 164 $ 3,908 $ 146 |
Schedule Of Loan Portfolio By Aggregate Risk Rating | Pass Special Mention Substandard Doubtful Total December 31, 2022 (In Thousands) Commercial real estate $ 505,983 $ - $ 1,317 $ - $ 507,300 Commercial construction 16,458 - 303 - 16,761 Commercial 39,498 22 - - 39,520 Residential real estate 642,913 467 595 - 643,975 Consumer 782 - - - 782 Total $ 1,205,634 $ 489 $ 2,215 $ - $ 1,208,338 December 31, 2021 Commercial real estate $ 439,280 $ - $ 1,375 $ - $ 440,655 Commercial construction 5,789 - 311 - 6,100 Commercial 41,899 24 - - 41,923 Residential real estate 617,533 489 672 - 618,694 Consumer 642 - - - 642 Total $ 1,105,143 $ 513 $ 2,358 $ - $ 1,108,014 |
Schedule Of Nonaccrual Loans | December 31, 2022 2021 (In Thousands) Commercial real estate $ - $ - Commercial construction - - Commercial - - Residential real estate 192 242 Consumer - - Total $ 192 $ 242 |
Schedule Of Past Due Loans | 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loan Receivables Loan Receivables > 90 Days and Accruing December 31, 2022 (In Thousands) Commercial real estate $ - $ - $ - $ - $ 507,300 $ 507,300 $ - Commercial construction - - - - 16,761 16,761 - Commercial 32 - - 32 39,488 39,520 - Residential real estate 138 - 192 330 643,645 643,975 - Consumer - - - - 782 782 - Total $ 170 $ - $ 192 $ 362 $ 1,207,976 $ 1,208,338 $ - December 31, 2021 Commercial real estate $ - $ - $ - $ - $ 440,655 $ 440,655 $ - Commercial construction - - - - 6,100 6,100 - Commercial - - - - 41,923 41,923 - Residential real estate - 12 217 229 618,465 618,694 - Consumer - - - - 642 642 - Total $ - $ 12 $ 217 $ 229 $ 1,107,785 $ 1,108,014 $ - |
Troubled Debt Restructuring Outstanding | Accrual Loans Non-Accrual Loans Total Modifications (In Thousands) December 31, 2022 Commercial real estate $ 986 $ - $ 986 Commercial construction 248 - 248 Commercial 240 - 240 Residential real estate 708 - 708 Consumer - - - Total $ 2,182 $ - $ 2,182 December 31, 2021 Commercial real estate $ 1,027 $ - $ 1,027 Commercial construction 256 - 256 Commercial 248 - 248 Residential real estate 806 13 819 Consumer - - - Total $ 2,337 $ 13 $ 2,350 |
Schedule Of New Restructured Loans | Number of Loans Pre-Modification Outstanding Balance Post- Modification Outstanding Balance (Dollars In Thousands) Year Ending December 31, 2021 Commercial 1 $ 24 $ 24 1 $ 24 $ 24 |
Financial Instruments With Of_2
Financial Instruments With Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments With Off-Balance Sheet Risk [Abstract] | |
Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk | December 31, 2022 2021 (In Thousands) Commitments to grant loans, fixed $ 4,302 $ 1,877 Commitments to grant loans, variable 1,500 - Unfunded commitments under lines of credit, fixed 50,359 17,618 Unfunded commitments under lines of credit, variable 133,065 135,660 Standby letters of credit 9,124 9,522 Total $ 198,350 $ 164,677 |
Bank Premises And Equipment (Ta
Bank Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Bank Premises And Equipment [Abstract] | |
Components Of Premises And Equipment | December 31, 2022 2021 (In Thousands) Furniture, fixtures and equipment $ 4,226 $ 4,190 Leasehold improvements 4,266 4,129 Buildings 1,169 1,163 Computer equipment and data processing software 2,015 1,509 Automobiles 170 150 11,846 11,141 Accumulated depreciation ( 8,003 ) ( 7,147 ) $ 3,843 $ 3,994 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Components Of Deposits | December 31, 2022 2021 (In Thousands) Demand, non-interest bearing $ 381,811 $ 323,513 Demand, NOW and money market, interest bearing 244,629 248,401 Savings 681,394 739,637 Time, $250 and over 82,916 54,739 Time, other 130,357 100,735 Total deposits $ 1,521,107 $ 1,467,025 |
Scheduled Maturities Of Time Deposits | 2023 $ 133,521 2024 71,659 2025 5,331 2026 1,758 2027 1,004 $ 213,273 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements To Repurchase And Offsetting Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Securities Sold Under Agreements To Repurchase And Offsetting Assets And Liabilities [Abstract] | |
Schedule Of Securities Sold Under Agreements To Repurchase | 2022 2021 (Dollars In Thousands) Balance outstanding at December 31 $ 13,384 $ 11,252 Weighted average interest rate at the end of the year 1.038 % 0.068 % Average daily balance during the year $ 12,879 $ 12,869 Weighted average interest rate during the year 0.182 % 0.065 % Maximum month-end balance during the year $ 14,947 $ 15,741 |
Schedule Of Liabilities Subject To An Enforceable Master Netting Arrangement Or Repurchase Agreements | Net Amounts Gross Gross Amounts of Liabilities Amounts of Offset in the Presented in the Recognized Consolidated Consolidated Financial Cash Collateral Liabilities Balance Sheet Balance Sheet Instruments Pledged Net Amount (In Thousands) December 31, 2022 Repurchase Agreements: Corporate Institutions $ 13,384 $ - $ 13,384 $ ( 13,384 ) $ - $ - December 31, 2021 Repurchase Agreements: Corporate Institutions $ 11,252 $ - $ 11,252 $ ( 11,252 ) $ - $ - |
Stock Incentive Plan And Empl_2
Stock Incentive Plan And Employee Stock Purchase Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stock Incentive Plan And Employee Stock Purchase Plan [Abstract] | |
Summary of Non-Vested Stock Awards | Restricted Stock Awards Weighted Average Grant Date Fair Value Non-Vested at December 31, 2020 61,784 $ 13.13 Granted 22,307 17.60 Vested ( 30,367 ) 14.19 Non-Vested at December 31, 2021 53,724 $ 14.38 Granted 22,632 19.93 Vested ( 20,590 ) 13.77 Forfeited ( 1,415 ) 14.55 Non-Vested at December 31, 2022 54,351 $ 14.85 |
Schedule Of Stock Options Activity Under The Plans | Number of Options Weighted Average Exercise Price Outstanding, December 31, 2020 63,632 $ 7.61 Granted - - Exercised ( 29,742 ) 7.00 Forfeited - - Outstanding, December 31, 2021 33,890 $ 8.15 Granted - - Exercised ( 33,890 ) 8.15 Forfeited - - Outstanding, December 31, 2022 - $ - Exercisable, December 31, 2022 - $ - |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Comprehensive Loss [Abstract] | |
Components Of Other Comprehensive Loss, Both Before Tax And Net Of Tax | Year Ended December 31, 2022 2021 (In Thousands) Before Tax Net of Before Tax Net of Tax Effect Tax Tax Effect Tax Change in accumulated other comprehensive loss: Unrealized holding losses on securities available for sale $ ( 63,181 ) $ 13,268 $ ( 49,913 ) $ ( 5,205 ) $ 1,093 $ ( 4,112 ) Reclassification adjustments for gains on securities transactions included in net income (A),(B) - - - ( 24 ) 5 ( 19 ) Total other comprehensive loss $ ( 63,181 ) $ 13,268 $ ( 49,913 ) $ ( 5,229 ) $ 1,098 $ ( 4,131 ) (A) Realized gains on securities transactions included in gain on sales of securities in the accompanying Consolidated Statements of Income. (B) Tax effect included in income tax expense in the accompanying Consolidated Statements of Income. |
Summary Of Realized Gains On Securities Available For Sale, Net Of Tax | Year Ended Year Ended December 31, 2022 2021 (In Thousands) Securities available for sale: Realized gains on securities transactions $ - $ ( 24 ) Income taxes - 5 Net of tax $ - $ ( 19 ) |
Summary Of Accumulated Other Comprehensive Loss, Net Of Tax | Securities Available for Sale (In Thousands) Year Ended December 31, 2022 and 2021 Balance January 1, 2022 $ ( 1,194 ) Other comprehensive loss before reclassifications ( 49,913 ) Amounts reclassified from accumulated other comprehensive income - Net other comprehensive loss during the period ( 49,913 ) Balance December 31, 2022 $ ( 51,107 ) Balance January 1, 2021 $ 2,937 Other comprehensive loss before reclassifications ( 4,112 ) Amounts reclassified from accumulated other comprehensive income ( 19 ) Net other comprehensive loss during the period ( 4,131 ) Balance December 31, 2021 $ ( 1,194 ) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Schedule Of Actual Capital Amounts And Ratios | The Bank’s actual capital amounts and ratios at December 31, 2022 and 2021 are presented below: Actual For Capital Adequacy Purposes To be Well Capitalized under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollar Amounts in Thousands) December 31, 2022: Total capital (to risk-weighted assets) $ 151,624 14.1 % $ ≥ 86,159 ≥ 8.0 % $ ≥ 107,699 ≥ 10.0 % Tier 1 common capital (to risk-weighted assets) 139,175 12.9 ≥ 48,465 ≥ 4.5 ≥ 70,004 ≥ 6.5 Tier 1 capital (to risk-weighted assets) 139,175 12.9 ≥ 64,619 ≥ 6.0 ≥ 86,159 ≥ 8.0 Tier 1 capital (to average assets) 139,175 8.3 ≥ 66,976 ≥ 4.0 ≥ 83,720 ≥ 5.0 December 31, 2021: Total capital (to risk-weighted assets) $ 135,004 14.0 % $ ≥ 77,045 ≥ 8.0 % $ ≥ 96,306 ≥ 10.0 % Tier 1 common capital (to risk-weighted assets) 123,520 12.8 ≥ 43,338 ≥ 4.5 ≥ 62,599 ≥ 6.5 Tier 1 capital (to risk-weighted assets) 123,520 12.8 ≥ 57,784 ≥ 6.0 ≥ 77,045 ≥ 8.0 Tier 1 capital (to average assets) 123,520 7.7 ≥ 64,091 ≥ 4.0 ≥ 80,114 ≥ 5.0 The Company’s actual capital amounts and ratios at December 31, 2022 and 2021 are presented below: Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollar Amounts in Thousands) December 31, 2022: Total capital (to risk-weighted assets) $ 151,832 14.1 % $ ≥ 86,142 ≥ 8.0 % Tier 1 common capital (to risk-weighted assets) 139,383 12.9 ≥ 48,455 ≥ 4.5 Tier 1 capital (to risk-weighted assets) 139,383 12.9 ≥ 64,606 ≥ 6.0 Tier 1 capital (to average assets) 139,383 8.3 ≥ 66,978 ≥ 4.0 December 31, 2021: Total capital (to risk-weighted assets) $ 135,193 14.0 % $ ≥ 76,991 ≥ 8.0 % Tier 1 common capital (to risk-weighted assets) 123,709 12.9 ≥ 43,307 ≥ 4.5 Tier 1 capital (to risk-weighted assets) 123,709 12.9 ≥ 57,743 ≥ 6.0 Tier 1 capital (to average assets) 123,709 7.7 ≥ 64,092 ≥ 4.0 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Of Financial Assets Measured On Recurring Basis | Description (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Total (In Thousands) U.S. Treasury securities $ - $ 16,771 $ - $ 16,771 U.S. Government agency obligations - 32,551 - 32,551 Municipal bonds - 58,617 - 58,617 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial - 434 - 434 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential - 208,619 - 208,619 December 31, 2022 Securities available for sale $ - $ 316,992 $ - $ 316,992 U.S. Government agency obligations $ - $ 28,858 $ - $ 28,858 Municipal bonds - 61,104 - 61,104 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial - 530 - 530 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential - 219,772 - 219,772 December 31, 2021 Securities available for sale $ - $ 310,264 $ - $ 310,264 |
Fair Value Of Financial Assets Measured On Nonrecurring Basis | Description (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Total (In Thousands) December 31, 2022 Impaired loans $ - $ - $ 868 $ 868 December 31, 2021 Impaired loans $ - $ - $ 916 $ 916 |
Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Description Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) (Dollars In Thousands) December 31, 2022: Impaired loans $ 868 Appraisal of collateral and Appraisal adjustments (1) 0 % to - 25 % (- 25.0 %) pending agreement of sale Liquidation expenses (2) 0 % to - 7.5 % (- 7.5 %) December 31, 2021: Impaired loans $ 916 Appraisal of collateral and Appraisal adjustments (1) 0 % to - 25 % (- 22.8 %) pending agreement of sale Liquidation expenses (2) 0 % to - 8.5 % (- 7.7 %) (1) Appraisals may be adjusted by management for qualitative factors including economic conditions and the age of the appraisal. The range and weighted average of appraisal adjustments are presented as a percent of the appraisal. (2) Appraisals and pending agreements of sale are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percent of the appraisal or pending agreement of sale. |
Estimated Fair Value Of Financial Instruments | (Level 1) Quoted (Level 2) Prices in Significant (Level 3) Active Other Significant Carrying Fair Value Markets for Observable Unobservable Amount Estimate Identical Assets Inputs Inputs (In Thousands) December 31, 2022: Financial assets: Cash and cash equivalents $ 67,295 $ 67,295 $ 67,295 $ - $ - Securities available-for-sale 316,992 316,992 - 316,992 - Loans receivable, net of allowance 1,196,164 1,163,947 - - 1,163,947 Paycheck Protection Program loans receivable 286 255 - - 255 Restricted investments in bank stock 995 995 - 995 - Accrued interest receivable 2,926 2,926 - 2,926 - Financial liabilities: Deposits 1,521,107 1,516,911 - 1,516,911 - Securities sold under agreements to repurchase and federal funds purchased 13,384 13,384 - 13,384 - Accrued interest payable 986 986 - 986 - Off-balance sheet financial instruments: Commitments to grant loans - - - - - Unfunded commitments under lines of credit - - - - - Standby letters of credit - - - - - December 31, 2021: Financial assets: Cash and cash equivalents $ 169,692 $ 169,692 $ 169,692 $ - $ - Securities available-for-sale 310,264 310,264 - 310,264 - Loans receivable, net of allowance 1,096,555 1,141,467 - - 1,141,467 Paycheck Protection Program loans receivable 8,568 8,163 - 8,163 Restricted investments in bank stock 1,424 1,424 - 1,424 - Accrued interest receivable 2,603 2,603 - 2,603 - Financial liabilities: Deposits 1,467,025 1,467,938 - 1,467,938 - Securities sold under agreements to repurchase and federal funds purchased 11,252 11,252 - 11,252 - Long-term borrowings 14,651 14,665 - - 14,665 Accrued interest payable 652 652 - 652 - Off-balance sheet financial instruments: Commitments to grant loans - - - - - Unfunded commitments under lines of credit - - - - - Standby letters of credit - - - - - |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease Commitments [Abstract] | |
Reconciliation of Operating Lease Liabilities by Minimum Lease Payments by Year and in Aggregate and Discount Amounts in Aggregate | Branch Leases Equipment Third Parties Related Parties Leases Total (In Thousands) 2023 $ 1,137 $ 672 $ 41 $ 1,850 2024 1,067 685 39 1,791 2025 763 698 22 1,483 2026 741 671 - 1,412 2027 374 55 - 429 Thereafter 864 - - 864 Total Payments 4,946 2,781 102 7,829 Less: Discount Amount 303 185 1 489 Total Lease Liability $ 4,643 $ 2,596 $ 101 $ 7,340 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Federal Income Taxes [Abstract] | |
Components Of Income Tax Expense | Year Ended December 31, 2022 2021 (In Thousands) Current $ 4,639 $ 4,324 Deferred ( 348 ) ( 258 ) Income Tax Expense $ 4,291 $ 4,066 |
Reconciliation Of The Statutory Federal Income Tax | Years Ended December 31, 2022 2021 (In Thousands) Dollar % Dollar % Federal income tax at statutory rate $ 4,619 21.0 % $ 4,379 21.0 % Tax-exempt interest ( 281 ) ( 1.3 ) % ( 243 ) ( 1.2 ) % Bank owned life insurance ( 90 ) ( 0.4 ) % ( 104 ) ( 0.5 ) % Other 43 0.2 % 34 0.2 % Income Tax Expense $ 4,291 19.5 % $ 4,066 19.5 % |
Components Of The Net Deferred Tax Asset (Included In Other Assets) | December 31, 2022 2021 (In Thousands) Deferred tax assets: Allowance for loan losses $ 2,614 $ 2,412 Deferred compensation 1,540 1,406 Lease liability 1,541 1,876 Unrealized loss on securities available for sale 13,585 317 Other 17 19 Total Deferred Tax Assets 19,297 6,030 Deferred tax liabilities: Premises and equipment 73 87 Prepaid assets 287 321 Deferred loan costs 617 589 Right of use asset 1,505 1,834 Total Deferred Tax Liabilities $ 2,482 $ 2,831 Net Deferred Tax Asset $ 16,815 $ 3,199 |
Parent Company Only Financial (
Parent Company Only Financial (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Only Financial [Abstract] | |
Parent Company Only Condensed Balance Sheets | December 31, 2022 2021 (In Thousands) ASSETS Cash $ 548 $ 481 Other assets 49 43 Investment in subsidiary 88,067 122,325 Total Assets $ 88,664 $ 122,849 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 388 $ 334 Stockholders’ equity 88,276 122,515 Total Liabilities and Stockholders’ Equity $ 88,664 $ 122,849 |
Parent Company Only Condensed Statements Of Income And Comprehensive Income | Years Ending December 31, 2022 2021 (In Thousands) Other expenses $ ( 560 ) $ ( 482 ) Equity in net income of banking subsidiary 18,150 17,171 Income before income taxes 17,590 16,689 Income tax benefit 112 97 Net income $ 17,702 $ 16,786 Equity in other comprehensive loss of banking subsidiary ( 49,913 ) ( 4,131 ) Comprehensive (loss) income $ ( 32,211 ) $ 12,655 |
Parent Company Only Condensed Statement Of Cash Flows | Years Ending December 31, 2022 2021 (In Thousands) Cash Flows from Operating Activities : Net income $ 17,702 $ 16,786 Adjustments to reconcile net income to net cash provided by operating activities: Stock compensation expense 527 432 Net change in other assets and liabilities 48 42 Equity in net income of banking subsidiary ( 18,150 ) ( 17,171 ) Net Cash Provided By Operating Activities 127 89 Cash Flows Provided By Investing Activities: Dividend from banking subsidiary 2,495 2,665 Cash Flows from Financing Activities: Exercise of stock options, net of payment for stock tendered, and proceeds from employee stock purchase plan 189 177 Purchase of treasury stock ( 100 ) ( 670 ) Dividends paid ( 2,644 ) ( 2,253 ) Net Cash Used in Financing Activities ( 2,555 ) ( 2,746 ) Net Increase in Cash 67 8 Cash – Beginning 481 473 Cash - Ending $ 548 $ 481 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Other-than-temporary impairment charges | $ 0 | $ 0 |
Loan receivable, threshold period past due | 90 days | |
Impairment of restricted stock | $ 0 | 0 |
PPP loans guarantee percent by the SBA | 100% | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 0 | 0 |
Employer's matching percentage of employee contribution | 50% | |
Percentage of employee gross pay for which employer contributes a matching contribution | 8% | |
Plan vesting period | 4 years | |
Employer contributions | $ 284,000 | $ 278,000 |
Proceeds from Bank owned life insurance | $ 717,000 | |
Stock Options [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 0 | 0 |
Buildings [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life of an asset | 40 years | |
Automobiles [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life of an asset | 5 years | |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Required consecutive service period for the plan participation eligibility | 6 months | |
Required service hours for the plan participation eligibility | 500 hours | |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life of an asset | 5 years | |
Minimum [Member] | Computer Equipment and Data Processing Software [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life of an asset | 1 year | |
Maximum [Member] | Commercial Real Estate [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Loan to value percentage | 80% | |
Maximum [Member] | Residential Real Estate [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Loans amortization period | 30 years | |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life of an asset | 10 years | |
Maximum [Member] | Computer Equipment and Data Processing Software [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life of an asset | 5 years | |
Home Equity Loan [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Loans amortization period | 25 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Net income | $ 17,702 | $ 16,786 |
Weighted average shares outstanding | 7,554,790 | 7,517,669 |
Dilutive effect of potential common shares, stock options | 16,438 | 37,116 |
Diluted weighted average common shares outstanding | 7,571,228 | 7,554,785 |
Basic earnings per share | $ 2.34 | $ 2.23 |
Diluted earnings per share | $ 2.34 | $ 2.22 |
Securities Available For Sale_2
Securities Available For Sale (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | |
Securities Available For Sale [Abstract] | ||
Securities pledged as collateral | $ 147,200,000 | $ 114,000,000 |
Realized gross gains | 24,000 | |
Sale of securities | $ 0 | 3,333,000 |
Realized gross losses | $ 0 | |
Securities in an unrealized loss position | security | 194 | 70 |
Securities Available For Sale_3
Securities Available For Sale (Amortized Cost And Fair Values Of Securities Available-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 381,684 | $ 311,775 |
Gross Unrealized Gains | 114 | 2,368 |
Gross Unrealized Losses | (64,806) | (3,879) |
Fair Value | 316,992 | 310,264 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,217 | |
Gross Unrealized Losses | (446) | |
Fair Value | 16,771 | |
U.S Government Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 34,069 | 29,146 |
Gross Unrealized Losses | (1,518) | (288) |
Fair Value | 32,551 | 28,858 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 73,958 | 60,017 |
Gross Unrealized Gains | 112 | 1,464 |
Gross Unrealized Losses | (15,453) | (377) |
Fair Value | 58,617 | 61,104 |
U.S. GSE - Mortgage-backed Securities [Member] | Commercial RealEstate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 510 | 511 |
Gross Unrealized Gains | 19 | |
Gross Unrealized Losses | (76) | |
Fair Value | 434 | 530 |
U.S. GSE - Mortgage-backed Securities [Member] | Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 255,930 | 222,101 |
Gross Unrealized Gains | 2 | 885 |
Gross Unrealized Losses | (47,313) | (3,214) |
Fair Value | $ 208,619 | $ 219,772 |
Securities Available For Sale_4
Securities Available For Sale (Securities Available-For-Sale By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Due in one year or less | $ 34,369 | |
Amortized Cost, Due after one year through five years | 19,053 | |
Amortized Cost, Due after five years through ten years | 5,363 | |
Amortized Cost, Due after ten years | 66,459 | |
Amortized Cost, Debt securities expected maturity | 125,244 | |
Amortized Cost, Debt Maturities, Total | 381,684 | $ 311,775 |
Fair Value, Due in one year or less | 33,024 | |
Fair Value, Due after one year through five years | 18,352 | |
Fair Value, Due after five years through ten years | 5,135 | |
Fair Value, Due after ten years | 51,428 | |
Fair Value, Debt securities expected maturity | 107,939 | |
Fair Value, Debt maturities, Total | 316,992 | 310,264 |
U.S. GSE - Mortgage-backed Securities [Member] | Commercial RealEstate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities | 510 | |
Amortized Cost, Debt Maturities, Total | 510 | 511 |
Fair Value, U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities | 434 | |
Fair Value, Debt maturities, Total | 434 | 530 |
U.S. GSE - Mortgage-backed Securities [Member] | Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities | 255,930 | |
Amortized Cost, Debt Maturities, Total | 255,930 | 222,101 |
Fair Value, U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities | 208,619 | |
Fair Value, Debt maturities, Total | $ 208,619 | $ 219,772 |
Securities Available For Sale_5
Securities Available For Sale (Investments' Gross Unrealized Losses And Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 81,511 | $ 221,068 |
Fair Value, 12 Months or More | 230,931 | 18,947 |
Fair Value, Total | 312,442 | 240,015 |
Unrealized Losses, Less Than 12 Months | (9,996) | (3,675) |
Unrealized Losses, 12 Months or More | (54,810) | (204) |
Unrealized Losses, Total | (64,806) | (3,879) |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 16,771 | |
Fair Value, Total | 16,771 | |
Unrealized Losses, Less Than 12 Months | (446) | |
Unrealized Losses, Total | (446) | |
U.S Government Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 9,911 | |
Fair Value, 12 Months or More | 32,551 | 18,947 |
Fair Value, Total | 32,551 | 28,858 |
Unrealized Losses, Less Than 12 Months | (84) | |
Unrealized Losses, 12 Months or More | (1,518) | (204) |
Unrealized Losses, Total | (1,518) | (288) |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 32,103 | 20,722 |
Fair Value, 12 Months or More | 22,099 | |
Fair Value, Total | 54,202 | 20,722 |
Unrealized Losses, Less Than 12 Months | (6,308) | (377) |
Unrealized Losses, 12 Months or More | (9,145) | |
Unrealized Losses, Total | (15,453) | (377) |
Commercial RealEstate [Member] | U.S. GSE - Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 434 | |
Fair Value, Total | 434 | |
Unrealized Losses, Less Than 12 Months | (76) | |
Unrealized Losses, Total | (76) | |
Residential [Member] | U.S. GSE - Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 32,203 | 190,435 |
Fair Value, 12 Months or More | 176,281 | |
Fair Value, Total | 208,484 | 190,435 |
Unrealized Losses, Less Than 12 Months | (3,166) | (3,214) |
Unrealized Losses, 12 Months or More | (44,147) | |
Unrealized Losses, Total | $ (47,313) | $ (3,214) |
Loans Receivable and Credit Q_3
Loans Receivable and Credit Quality (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
PPP loans guarantee percent by the SBA | 100% | ||
Loans collateralized by residential real estate in process of foreclosure | $ 217,000 | ||
Number of new TDRs | loan | 0 | 1 | |
Number of loans experiencing payment default | loan | 0 | 0 | |
Impairment reserve recorded | $ 24,000 | ||
Outstanding commitments on TDRs | $ 0 | 0 | |
Financing Receivable, Allowance for Credit Losses | 12,449,000 | 11,484,000 | $ 10,570,000 |
Total Loans | $ 1,208,338,000 | 1,108,014,000 | |
CARES Act [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of PPP loans | loan | 2 | ||
PPP loan receivable amount for which SBA loan guarantee approval received | $ 286,000 | 8,600,000 | |
Unearned origination fees and costs | 165,000 | ||
PPP loans guarantee percent by the SBA | 100% | ||
Financing Receivable, Allowance for Credit Losses | $ 0 | ||
Substandard [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans | 2,215,000 | 2,358,000 | |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Allowance for Credit Losses | 13,000 | 14,000 | 14,000 |
Total Loans | 782,000 | 642,000 | |
Residential Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Allowance for Credit Losses | 4,960,000 | 4,718,000 | $ 4,485,000 |
Total Loans | 643,975,000 | 618,694,000 | |
Residential Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Real estate foreclosed assets | 0 | ||
Total Loans | $ 595,000 | $ 672,000 | |
Loans Payment Accommodation Period Ended [Member] | COVID-19 CARES Act Section 4013 Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans included in COVID-19 payment accommodations | loan | 158 | 199 | |
Total Loans | $ 98,900,000 | $ 116,400,000 |
Loans Receivable and Credit Q_4
Loans Receivable and Credit Quality (Composition Of Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 1,208,338 | $ 1,108,014 |
Unearned origination fees | 275 | 25 |
Allowance for Loan Losses | (12,449) | (11,484) |
Net Loans | 1,196,164 | 1,096,555 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 507,300 | 440,655 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 39,520 | 41,923 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 643,975 | 618,694 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 782 | 642 |
Construction [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 16,761 | $ 6,100 |
Loans Receivable and Credit Q_5
Loans Receivable and Credit Quality (Activity In Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 11,484 | $ 10,570 |
Charge-offs | (4) | |
Recoveries | 70 | 3 |
Provisions | 895 | 915 |
Ending balance | 12,449 | 11,484 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 4,400 | 4,379 |
Provisions | 713 | 21 |
Ending balance | 5,113 | 4,400 |
Commercial Real Estate [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 71 | |
Ending balance | 200 | 71 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 1,328 | 848 |
Provisions | (39) | 480 |
Ending balance | 1,289 | 1,328 |
Commercial [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 71 | 150 |
Provisions | 129 | (79) |
Ending balance | 200 | 71 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 4,718 | 4,485 |
Charge-offs | (2) | |
Recoveries | 70 | 3 |
Provisions | 172 | 232 |
Ending balance | 4,960 | 4,718 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 14 | 14 |
Charge-offs | (2) | |
Provisions | (1) | 2 |
Ending balance | 13 | 14 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 953 | 694 |
Provisions | (79) | 259 |
Ending balance | $ 874 | $ 953 |
Loans Receivable and Credit Q_6
Loans Receivable and Credit Quality (Allocation Of Allowance For Loan Losses And Related Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Ending Balance | $ 12,449 | $ 11,484 | $ 10,570 |
Allowance for Loan Losses, Ending balance: individually evaluated for impairment | 169 | 164 | |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 12,280 | 11,320 | |
Ending Balance | 1,208,338 | 1,108,014 | |
Loans receivable, Ending balance: individually evaluated for impairment | 3,231 | 3,500 | |
Loans receivable, Ending balance: collectively evaluated for impairment | 1,205,107 | 1,104,514 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Ending Balance | 5,113 | 4,400 | 4,379 |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 5,113 | 4,400 | |
Ending Balance | 507,300 | 440,655 | |
Loans receivable, Ending balance: individually evaluated for impairment | 1,371 | 1,433 | |
Loans receivable, Ending balance: collectively evaluated for impairment | 505,929 | 439,222 | |
Commercial Real Estate [Member] | Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Ending Balance | 200 | 71 | |
Allowance for Loan Losses, Ending balance: individually evaluated for impairment | 29 | 7 | |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 171 | 64 | |
Ending Balance | 16,761 | 6,100 | |
Loans receivable, Ending balance: individually evaluated for impairment | 303 | 311 | |
Loans receivable, Ending balance: collectively evaluated for impairment | 16,458 | 5,789 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Ending Balance | 1,289 | 1,328 | 848 |
Allowance for Loan Losses, Ending balance: individually evaluated for impairment | 33 | 41 | |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 1,256 | 1,287 | |
Ending Balance | 39,520 | 41,923 | |
Loans receivable, Ending balance: individually evaluated for impairment | 240 | 248 | |
Loans receivable, Ending balance: collectively evaluated for impairment | 39,280 | 41,675 | |
Commercial [Member] | Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Ending Balance | 200 | 71 | 150 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Ending Balance | 4,960 | 4,718 | 4,485 |
Allowance for Loan Losses, Ending balance: individually evaluated for impairment | 107 | 116 | |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 4,853 | 4,602 | |
Ending Balance | 643,975 | 618,694 | |
Loans receivable, Ending balance: individually evaluated for impairment | 1,317 | 1,508 | |
Loans receivable, Ending balance: collectively evaluated for impairment | 642,658 | 617,186 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Ending Balance | 13 | 14 | 14 |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 13 | 14 | |
Ending Balance | 782 | 642 | |
Loans receivable, Ending balance: collectively evaluated for impairment | 782 | 642 | |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Ending Balance | 874 | 953 | $ 694 |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | $ 874 | $ 953 |
Loans Receivable and Credit Q_7
Loans Receivable and Credit Quality (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Total Recorded Investment | $ 3,231 | $ 3,500 |
Total Unpaid Principal Balance | 3,475 | 3,810 |
Related Allowance | 169 | 164 |
Total Average Recorded Investment Impaired | 3,223 | 3,908 |
Total Interest Income Recognized | 137 | 146 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 1,371 | 1,433 |
Total Recorded Investment | 1,371 | 1,433 |
Unpaid Principal Balance, With no related allowance recorded | 1,611 | 1,673 |
Total Unpaid Principal Balance | 1,611 | 1,673 |
Average Recorded Investment, With no related allowance recorded | 1,395 | 981 |
Average Recorded Investment, With an allowance recorded | 513 | |
Total Average Recorded Investment Impaired | 1,395 | 1,494 |
Interest Income Recognized, With no related allowance recorded | 66 | 69 |
Total Interest Income Recognized | 66 | 69 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With an allowance recorded | 240 | 248 |
Total Recorded Investment | 240 | 248 |
Unpaid Principal Balance, With an allowance recorded | 240 | 248 |
Total Unpaid Principal Balance | 240 | 248 |
Related Allowance | 33 | 41 |
Average Recorded Investment, With an allowance recorded | 243 | 232 |
Total Average Recorded Investment Impaired | 243 | 232 |
Interest Income Recognized, With an allowance recorded | 10 | 10 |
Total Interest Income Recognized | 10 | 10 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 768 | 932 |
Recorded Investment, With an allowance recorded | 549 | 576 |
Total Recorded Investment | 1,317 | 1,508 |
Unpaid Principal Balance, With no related allowance recorded | 772 | 1,002 |
Unpaid Principal Balance, With an allowance recorded | 549 | 576 |
Total Unpaid Principal Balance | 1,321 | 1,578 |
Related Allowance | 107 | 116 |
Average Recorded Investment, With no related allowance recorded | 719 | 1,283 |
Average Recorded Investment, With an allowance recorded | 560 | 586 |
Total Average Recorded Investment Impaired | 1,279 | 1,869 |
Interest Income Recognized, With no related allowance recorded | 30 | 36 |
Interest Income Recognized, With an allowance recorded | 20 | 21 |
Total Interest Income Recognized | 50 | 57 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 55 | 55 |
Recorded Investment, With an allowance recorded | 248 | 256 |
Total Recorded Investment | 303 | 311 |
Unpaid Principal Balance, With no related allowance recorded | 55 | 55 |
Unpaid Principal Balance, With an allowance recorded | 248 | 256 |
Total Unpaid Principal Balance | 303 | 311 |
Related Allowance | 29 | 7 |
Average Recorded Investment, With no related allowance recorded | 55 | 249 |
Average Recorded Investment, With an allowance recorded | 251 | 64 |
Total Average Recorded Investment Impaired | 306 | 313 |
Interest Income Recognized, With no related allowance recorded | 3 | 2 |
Interest Income Recognized, With an allowance recorded | 8 | 8 |
Total Interest Income Recognized | $ 11 | $ 10 |
Loans Receivable and Credit Q_8
Loans Receivable and Credit Quality (Schedule Of Loan Portfolio By Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,208,338 | $ 1,108,014 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 1,205,634 | 1,105,143 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 489 | 513 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 2,215 | 2,358 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 507,300 | 440,655 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 505,983 | 439,280 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 1,317 | 1,375 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 39,520 | 41,923 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 39,498 | 41,899 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 22 | 24 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 643,975 | 618,694 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 642,913 | 617,533 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 467 | 489 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 595 | 672 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 782 | 642 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 782 | 642 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 16,761 | 6,100 |
Construction [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 16,458 | 5,789 |
Construction [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | $ 303 | $ 311 |
Loans Receivable and Credit Q_9
Loans Receivable and Credit Quality (Schedule Of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual Loans | $ 192 | $ 242 |
Commercial Real Estate [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual Loans | ||
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual Loans | 192 | 242 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual Loans |
Loans Receivable and Credit _10
Loans Receivable and Credit Quality (Schedule Of Past Due Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | $ 1,208,338 | $ 1,108,014 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 170 | |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 12 | |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 192 | 217 |
Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 362 | 229 |
Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 1,207,976 | 1,107,785 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 507,300 | 440,655 |
Commercial Real Estate [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 507,300 | 440,655 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 39,520 | 41,923 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 32 | |
Commercial [Member] | Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 32 | |
Commercial [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 39,488 | 41,923 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 643,975 | 618,694 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 138 | |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 12 | |
Residential Real Estate [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 192 | 217 |
Residential Real Estate [Member] | Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 330 | 229 |
Residential Real Estate [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 643,645 | 618,465 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 782 | 642 |
Consumer [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | 782 | 642 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 16,761 | 6,100 |
Construction [Member] | Commercial Real Estate [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivable, Gross | $ 16,761 | $ 6,100 |
Loans Receivable and Credit _11
Loans Receivable and Credit Quality (Troubled Debt Restructuring Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | $ 2,182 | $ 2,350 |
Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 2,182 | 2,337 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 13 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 986 | 1,027 |
Commercial Real Estate [Member] | Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 986 | 1,027 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 240 | 248 |
Commercial [Member] | Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 240 | 248 |
Commercial [Member] | Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 248 | 256 |
Commercial [Member] | Construction [Member] | Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 248 | 256 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 708 | 819 |
Residential Real Estate [Member] | Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | $ 708 | 806 |
Residential Real Estate [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | $ 13 |
Loans Receivable and Credit _12
Loans Receivable and Credit Quality (Schedule Of New Restructured Loans) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 loan | Dec. 31, 2021 USD ($) loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre-Modification Outstanding Balance | $ 24 | |
Post-Modification Outstanding Balance | $ 24 | |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of Loans | loan | 1 | |
Pre-Modification Outstanding Balance | $ 24 | |
Post-Modification Outstanding Balance | $ 24 |
Financial Instruments With Of_3
Financial Instruments With Off-Balance Sheet Risk (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments With Off-Balance Sheet Risk [Abstract] | ||
Maximum undiscounted exposure related to financial instruments outstanding | $ 9.1 | $ 9.5 |
Approximate value of underlying collateral upon liquidation that would be expected to cover exposure | $ 7.6 | $ 7.3 |
Financial Instruments With Of_4
Financial Instruments With Off-Balance Sheet Risk (Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments With Off-Balance Sheet Risk [Abstract] | ||
Commitments to grant loans, fixed | $ 4,302 | $ 1,877 |
Commitments to grant loans, variable | 1,500 | |
Unfunded commitments under lines of credit, fixed | 50,359 | 17,618 |
Unfunded commitments under lines of credit, variable | 133,065 | 135,660 |
Standby letters of credit | 9,124 | 9,522 |
Total | $ 198,350 | $ 164,677 |
Bank Premises And Equipment (Co
Bank Premises And Equipment (Components Of Premises And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 11,846 | $ 11,141 |
Accumulated depreciation | (8,003) | (7,147) |
Bank premises and equipment, net | 3,843 | 3,994 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 4,226 | 4,190 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 4,266 | 4,129 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 1,169 | 1,163 |
Computer Equipment and Data Processing Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 2,015 | 1,509 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 170 | $ 150 |
Deposits (Components Of Deposit
Deposits (Components Of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Demand, non-interest bearing | $ 381,811 | $ 323,513 |
Demand, NOW and money market, interest bearing | 244,629 | 248,401 |
Savings | 681,394 | 739,637 |
Time, $250 and over | 82,916 | 54,739 |
Time, other | 130,357 | 100,735 |
Total Deposits | $ 1,521,107 | $ 1,467,025 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Deposits [Abstract] | |
2023 | $ 133,521 |
2024 | 71,659 |
2025 | 5,331 |
2026 | 1,758 |
2027 | 1,004 |
Total time deposits | $ 213,273 |
Securities Sold under Agreeme_4
Securities Sold under Agreements to Repurchase and Offsetting Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Securities Pledged as Collateral [Member] | ||
Offsetting Liabilities [Line Items] | ||
Off-balance sheet financial instruments | $ 26 | $ 20.3 |
Securities Sold Under Agreeme_5
Securities Sold Under Agreements To Repurchase And Offsetting Assets And Liabilities (Schedule Of Securities Sold Under Agreements To Repurchase) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Securities Sold Under Agreements To Repurchase And Offsetting Assets And Liabilities [Abstract] | ||
Balance outstanding at December 31 | $ 13,384 | $ 11,252 |
Weighted average interest rate at the end of the year | 1.038% | 0.068% |
Average daily balance during the year | $ 12,879 | $ 12,869 |
Weighted average interest rate during the year | 0.182% | 0.065% |
Maximum month-end balance during the year | $ 14,947 | $ 15,741 |
Securities Sold under Agreeme_6
Securities Sold under Agreements to Repurchase and Offsetting Assets and Liabilities (Schedule Of Liabilities Subject To An Enforceable Master Netting Arrangement Or Repurchase Agreements) (Details) - Repurchase Agreements [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 13,384 | $ 11,252 |
Gross Amounts Offset in the Consolidated Balance Sheet | ||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets | 13,384 | 11,252 |
Financial Instruments | (13,384) | (11,252) |
Cash Collateral Pledged | ||
Net Amount |
Short-term and Long-term Borr_2
Short-term and Long-term Borrowings (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||
Federal Home Loan Bank advance period | 60 months | |
Maximum borrowing capacity | $ 763,500,000 | |
Available borrowing capacity | 763,400,000 | |
Short-term advances with FHLB outstanding | 0 | $ 0 |
Long-term advances FHLB | 0 | 14,700,000 |
Letters of Credit Outstanding | 90,000 | |
Federal Home Loan Bank Advances [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum borrowing capacity | 150,000,000 | |
Atlantic Community Bankers Bank (ACBB) [Member | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum borrowing capacity | 10,000,000 | 10,000,000 |
Line of credit outstanding | 0 | 0 |
Atlantic Community Bankers Bank (ACBB) [Member | Revolving Line of Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum borrowing capacity | 7,500,000 | 7,500,000 |
Line of credit outstanding | $ 0 | $ 0 |
Employment Agreements And Sup_2
Employment Agreements And Supplemental Executive Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employment Agreements And Supplemental Executive Retirement Plans [Abstract] | ||
Liability accrued under the plan | $ 7,300 | $ 6,700 |
Expenses under the plan during period | $ 637 | $ 688 |
Stock Incentive Plan and Empl_3
Stock Incentive Plan and Employee Stock Purchase Plan (Narrative) (Details) - USD ($) | 12 Months Ended | 147 Months Ended | |||||
Jun. 20, 2019 | Jan. 01, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | Jun. 19, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted | |||||||
Number of stock options outstanding | 0 | 33,890 | 0 | 63,632 | |||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock compensation expense | $ 0 | $ 0 | |||||
Unrecognized compensation cost | $ 0 | $ 0 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards granted | 22,632 | 22,307 | |||||
Restricted stock awards compensation expense | $ 527,000 | $ 432,000 | |||||
Minimum [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 2 years | ||||||
Maximum [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 9 years | ||||||
2010 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award expiration period | 10 years | ||||||
Award expiration date | Jun. 20, 2029 | ||||||
Shares available for issuance | 407,875 | 407,875 | |||||
2010 Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards granted | 232,238 | ||||||
2010 Stock Incentive Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award expiration period | 10 years | ||||||
Number of shares authorized | 756,356 | 500,000 | |||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | 350,000 | 350,000 | |||||
Purchase price for share percentage equal to fair value of such shares | 95% | ||||||
Maximum discount to fair value percentage | 15% | ||||||
Employee stock purchase plan, discount expense | $ 3,000 | $ 3,000 | |||||
Shares issued during period | 21,905 | ||||||
Employee Stock Purchase Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Minimum work hours per week | 20 hours | ||||||
Minimum months to be eligible to participate | 5 months |
Stock Incentive Plan And Empl_4
Stock Incentive Plan And Employee Stock Purchase Plan (Summary Of Non-Vested Stock Awards) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Non-Vested Awards, Beginning Balance | 53,724 | 61,784 |
Non-Vested Awards, Granted | 22,632 | 22,307 |
Non-Vested Awards, Vested | (20,590) | (30,367) |
Non-Vested Awards, Forfeited | (1,415) | |
Non-Vested Awards, Ending Balance | 54,351 | 53,724 |
Non-Vested Awards, Beginning Balance, Weighted Average Grant Date Fair Value | $ 14.38 | $ 13.13 |
Non-Vested Awards Granted, Weighted Average Grant Date Fair Value | 19.93 | 17.60 |
Non-Vested Awards Vested, Weighted Average Grant Date Fair Value | 13.77 | 14.19 |
Non-Vested Awards Forfeited, Weighted Average Grant Date Fair Value | 14.55 | |
Non-Vested Awards, Ending Balance, Weighted Average Grant Date Fair Value | $ 14.85 | $ 14.38 |
Stock Incentive Plan And Empl_5
Stock Incentive Plan And Employee Stock Purchase Plan (Schedule Of Stock Options Activity Under The Plans) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Incentive Plan And Employee Stock Purchase Plan [Abstract] | ||
Number of Options Outstanding, Beginning Balance | 33,890 | 63,632 |
Number of Options Granted | ||
Number of Options Exercised | (33,890) | (29,742) |
Number of Options Forfeited | ||
Number of Options Outstanding, Ending Balance | 0 | 33,890 |
Number of Options Exercisable, | ||
Weighted Average Exercise Price Outstanding, Beginning | $ 8.15 | $ 7.61 |
Weighted Average Exercise Price Granted | ||
Weighted Average Exercise Price Exercised | 8.15 | 7 |
Weighted Average Exercise Price Forfeited | ||
Weighted Average Exercise Price Outstanding, Ending | $ 8.15 | |
Weighted Average Exercise Price Exercisable, |
Other Comprehensive Loss (Compo
Other Comprehensive Loss (Components Of Other Comprehensive Loss, Both Before Tax And Net Of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Loss [Abstract] | ||
Unrealized holding losses on securities | $ (63,181) | $ (5,205) |
Unrealized holding losses on securities , Tax Effect | 13,268 | 1,093 |
Unrealized holding losses on securities, Net of Tax | (49,913) | (4,112) |
Reclassification adjustments for gains on securities transactions included in net income, Before Tax | (24) | |
Reclassification adjustments for gains on securities transactions included in net income: Tax Effect | 5 | |
Reclassification adjustments for gains on securities transactions included in net income: Net of Tax | (19) | |
Total other comprehensive loss, before tax | (63,181) | (5,229) |
Total other comprehensive loss, Tax Effect | 13,268 | 1,098 |
Total other comprehensive loss, net of tax | $ (49,913) | $ (4,131) |
Other Comprehensive Loss (Summa
Other Comprehensive Loss (Summary Of Realized Gains On Securities Available For Sale, Net Of Tax) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Other Comprehensive Loss [Abstract] | |
Realized gains on securities transactions | $ (24) |
Income taxes | 5 |
Reclassification adjustments for gains on securities transactions included in net income: Net of Tax | $ (19) |
Other Comprehensive Loss (Sum_2
Other Comprehensive Loss (Summary Of Accumulated Other Comprehensive Loss, Net Of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Loss [Abstract] | ||
Beginning Balance | $ (1,194) | $ 2,937 |
Other comprehensive loss before reclassifications | (49,913) | (4,112) |
Amounts reclassified from accumulated other comprehensive income | (19) | |
Total other comprehensive loss, net of tax | (49,913) | (4,131) |
Ending Balance | $ (51,107) | $ (1,194) |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) | Mar. 26, 2020 | Dec. 31, 2022 |
Regulatory Matters [Abstract] | ||
Reserve requirement ratios | 0% | |
Minimum reserve requirement balance | $ 0 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Actual Capital Amounts And Ratios) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets) | $ 151,832 | $ 135,193 |
Tier 1 common capital (to risk-weighted assets) | 139,383 | 123,709 |
Tier 1 capital (to risk-weighted assets) | 139,383 | 123,709 |
Tier 1 capital (to average assets) | $ 139,383 | $ 123,709 |
Total capital (to risk-weighted assets) Ratio | 0.141 | 0.140 |
Tier 1 common capital (to risk-weighted assets) Ratio | 0.129 | 0.129 |
Tier 1 capital (to risk-weighted assets) Ratio | 0.129 | 0.129 |
Tier 1 capital (to average assets) Ratio | 0.083 | 0.077 |
Total capital amount required for capital adequacy purposes | $ 86,142 | $ 76,991 |
Tier 1 common capital (to risk-weighted assets) amount required for capital adequacy purposes | 48,455 | 43,307 |
Tier 1 capital (to risk-weighted assets) amount required for capital adequacy purposes | 64,606 | 57,743 |
Tier 1 capital (to average assets) amount required for capital adequacy purposes | $ 66,978 | $ 64,092 |
Total capital required for capital adequacy purposes ratio | 0.080 | 0.080 |
Tier 1 common capital (to risk-weighted assets) amount required for capital adequacy purposes Ratio | 0.045 | 0.045 |
Tier 1 capital (to risk-weighted assets) required for capital adequacy purposes ratio | 0.060 | 0.060 |
Tier 1 capital (to average assets) capital required for capital adequacy purposes ratio | 0.040 | 0.040 |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets) | $ 151,624 | $ 135,004 |
Tier 1 common capital (to risk-weighted assets) | 139,175 | 123,520 |
Tier 1 capital (to risk-weighted assets) | 139,175 | 123,520 |
Tier 1 capital (to average assets) | $ 139,175 | $ 123,520 |
Total capital (to risk-weighted assets) Ratio | 0.141 | 0.140 |
Tier 1 common capital (to risk-weighted assets) Ratio | 0.129 | 0.128 |
Tier 1 capital (to risk-weighted assets) Ratio | 0.129 | 0.128 |
Tier 1 capital (to average assets) Ratio | 0.083 | 0.077 |
Total capital amount required for capital adequacy purposes | $ 86,159 | $ 77,045 |
Tier 1 common capital (to risk-weighted assets) amount required for capital adequacy purposes | 48,465 | 43,338 |
Tier 1 capital (to risk-weighted assets) amount required for capital adequacy purposes | 64,619 | 57,784 |
Tier 1 capital (to average assets) amount required for capital adequacy purposes | $ 66,976 | $ 64,091 |
Total capital required for capital adequacy purposes ratio | 0.080 | 0.080 |
Tier 1 common capital (to risk-weighted assets) amount required for capital adequacy purposes Ratio | 0.045 | 0.045 |
Tier 1 capital (to risk-weighted assets) required for capital adequacy purposes ratio | 0.060 | 0.060 |
Tier 1 capital (to average assets) capital required for capital adequacy purposes ratio | 0.040 | 0.040 |
Total capital, To be Well Capitalized under Prompt Corrective Action | $ 107,699 | $ 96,306 |
Tier 1 Common Capital, To be Well Capitalized under Prompt Corrective Action | 70,004 | 62,599 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action | 86,159 | 77,045 |
Tier 1 capital (to average assets), To be Well Capitalized under Prompt Corrective Action | $ 83,720 | $ 80,114 |
Total capital, To be Well Capitalized under Prompt Corrective Action, ratio | 0.100 | 0.100 |
Tier 1 Common Capital, To be Well Capitalized under Prompt Corrective Action, ratio | 0.065 | 0.065 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action, ratio | 0.080 | 0.080 |
Tier 1 capital (to average assets), To be Well Capitalized under Prompt Corrective Action, ratio | 0.050 | 0.050 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value of Financial Instruments [Abstract] | ||
Real estate properties acquired through foreclosure | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value Of Financial Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 316,992 | $ 310,264 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 16,771 | |
U.S Government Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 32,551 | 28,858 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 58,617 | 61,104 |
U.S. GSE - Mortgage-backed Securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 434 | 530 |
U.S. GSE - Mortgage-backed Securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 208,619 | 219,772 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 316,992 | 310,264 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 16,771 | |
Fair Value, Recurring [Member] | U.S Government Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 32,551 | 28,858 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 58,617 | 61,104 |
Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed Securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 434 | 530 |
Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed Securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 208,619 | 219,772 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | U.S Government Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed Securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed Securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 316,992 | 310,264 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 316,992 | 310,264 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 16,771 | |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | U.S Government Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 32,551 | 28,858 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 58,617 | 61,104 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed Securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 434 | 530 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed Securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 208,619 | 219,772 |
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | U.S Government Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed Securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed Securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Fair Value Of Financial Assets Measured On Nonrecurring Basis) (Details) - Impaired Loans [Member] - Fair Value, Nonrecurring [Member] - FV determined through independent appraisals of the underlying collateral [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 868 | $ 916 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 868 | $ 916 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Impaired Loans [Member] - Fair Value, Nonrecurring [Member] - (Level 3) Significant Unobservable Inputs [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Appraisal Adjustment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 868 | $ 916 |
Appraisal Adjustment [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 0% | 0% |
Appraisal Adjustment [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | (25.00%) | (25.00%) |
Appraisal Adjustment [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | (25.00%) | (22.80%) |
Liquidation Expenses [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 0% | 0% |
Liquidation Expenses [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | (7.50%) | (8.50%) |
Liquidation Expenses [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | (7.50%) | (7.70%) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 316,992 | $ 310,264 |
Paycheck Protection Program loans receivable | 286 | 8,568 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 67,295 | 169,692 |
Securities available for sale | 316,992 | 310,264 |
Loans receivable, net of allowance | 1,196,164 | 1,096,555 |
Paycheck Protection Program loans receivable | 286 | 8,568 |
Restricted investments in bank stock | 995 | 1,424 |
Accrued interest receivable | 2,926 | 2,603 |
Deposits | 1,521,107 | 1,467,025 |
Securities sold under agreements to repurchase and federal funds purchased | 13,384 | 11,252 |
Long-term borrowings | 14,651 | |
Accrued interest payable | 986 | 652 |
Fair Value Estimate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 67,295 | 169,692 |
Securities available for sale | 316,992 | 310,264 |
Loans receivable, net of allowance | 1,163,947 | 1,141,467 |
Paycheck Protection Program loans receivable | 255 | 8,163 |
Restricted investments in bank stock | 995 | 1,424 |
Accrued interest receivable | 2,926 | 2,603 |
Deposits | 1,516,911 | 1,467,938 |
Securities sold under agreements to repurchase and federal funds purchased | 13,384 | 11,252 |
Long-term borrowings | 14,665 | |
Accrued interest payable | 986 | 652 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 67,295 | 169,692 |
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 316,992 | 310,264 |
Restricted investments in bank stock | 995 | 1,424 |
Accrued interest receivable | 2,926 | 2,603 |
Deposits | 1,516,911 | 1,467,938 |
Securities sold under agreements to repurchase and federal funds purchased | 13,384 | 11,252 |
Accrued interest payable | 986 | 652 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net of allowance | 1,163,947 | 1,141,467 |
Paycheck Protection Program loans receivable | 255 | 8,163 |
Long-term borrowings | 14,665 | |
Commitments to grant loans [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Commitments to grant loans [Member] | Fair Value Estimate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Commitments to grant loans [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Commitments to grant loans [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Commitments to grant loans [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | Fair Value Estimate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | Fair Value Estimate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments |
Transactions With Executive O_2
Transactions With Executive Officers, Directors And Principal Stockholders (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Transactions With Executive Officers, Directors And Principal Stockholders [Abstract] | ||
Due from related parties | $ 15,300,000 | $ 15,300,000 |
Loan disbursements | 1,400 | |
Loan repayments | 1,400,000 | |
Deposits with related parties | 15,400,000 | 17,100,000 |
Fees paid for related party legal services | $ 51,000 | $ 59,000 |
Lease Commitments (Narrative) (
Lease Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Right of use asset | $ 7,200 | $ 8,700 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Lease liability | $ 7,340 | $ 8,900 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Operating leases weighted average discount rate | 2.89% | 2.90% |
Operating leases weighted average lease term | 4 years 11 months 12 days | 5 years 9 months 10 days |
Rent expense | $ 1,800 | $ 1,800 |
Operating cash flow paid for lease liabilities | $ 1,800 | $ 1,800 |
Branch Leases [Member] | ||
Operating leases weighted average discount rate | 2.91% | 2.93% |
Operating leases weighted average lease term | 4 years 11 months 23 days | 5 years 9 months 29 days |
Equipment Leases [Member] | ||
Lease liability | $ 101 | |
Operating leases weighted average discount rate | 0.89% | 1.08% |
Operating leases weighted average lease term | 2 years 6 months 7 days | 3 years 2 months 8 days |
Related Parties [Member] | ||
Rent expense | $ 661 | $ 661 |
Lease Commitments (Reconciliati
Lease Commitments (Reconciliation of Operating Lease Liabilities by Minimum Lease Payments by Year and in Aggregate and Discount Amounts in Aggregate) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 1,850 | |
2024 | 1,791 | |
2025 | 1,483 | |
2026 | 1,412 | |
2027 | 429 | |
Thereafter | 864 | |
Total payments | 7,829 | |
Less: Discount Amount | 489 | |
Total Lease Liability | 7,340 | $ 8,900 |
Branch Leases Third Parties [Member] | ||
2023 | 1,137 | |
2024 | 1,067 | |
2025 | 763 | |
2026 | 741 | |
2027 | 374 | |
Thereafter | 864 | |
Total payments | 4,946 | |
Less: Discount Amount | 303 | |
Total Lease Liability | 4,643 | |
Branch Leases Related Parties [Member] | ||
2023 | 672 | |
2024 | 685 | |
2025 | 698 | |
2026 | 671 | |
2027 | 55 | |
Total payments | 2,781 | |
Less: Discount Amount | 185 | |
Total Lease Liability | 2,596 | |
Equipment Leases [Member] | ||
2023 | 41 | |
2024 | 39 | |
2025 | 22 | |
Total payments | 102 | |
Less: Discount Amount | 1 | |
Total Lease Liability | $ 101 |
Federal Income Taxes (Narrative
Federal Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Income Taxes [Abstract] | ||
Statutory federal income tax rate | 21% | 21% |
Unrecognized tax benefits, interest accrued and penalties | $ 0 | $ 0 |
Federal Income Taxes (Component
Federal Income Taxes (Components Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Income Taxes [Abstract] | ||
Current | $ 4,639 | $ 4,324 |
Deferred | (348) | (258) |
Income tax expense | $ 4,291 | $ 4,066 |
Federal Income Taxes (Reconcili
Federal Income Taxes (Reconciliation Of The Statutory Federal Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Income Taxes [Abstract] | ||
Federal income tax at statutory rate | $ 4,619 | $ 4,379 |
Tax-exempt interest | (281) | (243) |
Bank owned life insurance | (90) | (104) |
Other | 43 | 34 |
Income tax expense | $ 4,291 | $ 4,066 |
Federal income tax at statutory rate, percent | 21% | 21% |
Tax-exempt interest, percent | (1.30%) | (1.20%) |
Bank owned life insurance, percent | (0.40%) | (0.50%) |
Other, percent | 0.20% | 0.20% |
Income Tax Expense | 19.50% | 19.50% |
Federal Income Taxes (Compone_2
Federal Income Taxes (Components Of The Net Deferred Tax Asset (Included In Other Assets)) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for loan losses | $ 2,614 | $ 2,412 |
Deferred compensation | 1,540 | 1,406 |
Lease liability | 1,541 | 1,876 |
Unrealized loss on securities available for sale | 13,585 | 317 |
Other | 17 | 19 |
Total Deferred Tax Assets | 19,297 | 6,030 |
Deferred tax liabilities: | ||
Premises and equipment | 73 | 87 |
Prepaid assets | 287 | 321 |
Deferred loan costs | 617 | 589 |
Right of use asset | 1,505 | 1,834 |
Total Deferred Tax Liabilities | 2,482 | 2,831 |
Net Deferred Tax Asset | $ 16,815 | $ 3,199 |
Parent Company Only Financial_2
Parent Company Only Financial (Parent Company Only Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | |||
Cash | $ 21,927 | $ 15,244 | |
Other assets | 26,123 | 14,298 | |
Total Assets | 1,640,227 | 1,633,194 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Other liabilities | 16,474 | 17,099 | |
Stockholders' equity | 88,276 | 122,515 | $ 112,174 |
Total Liabilities and Stockholders' Equity | 1,640,227 | 1,633,194 | |
Parent Company [Member] | |||
ASSETS | |||
Cash | 548 | 481 | |
Other assets | 49 | 43 | |
Investment in subsidiary | 88,067 | 122,325 | |
Total Assets | 88,664 | 122,849 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Other liabilities | 388 | 334 | |
Stockholders' equity | 88,276 | 122,515 | |
Total Liabilities and Stockholders' Equity | $ 88,664 | $ 122,849 |
Parent Company Only Financial_3
Parent Company Only Financial (Parent Company Only Condensed Statements Of Income And Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | ||
Other expenses | $ (25,737) | $ (24,127) |
Income Before Income Taxes | 21,993 | 20,852 |
Income tax benefit | (4,291) | (4,066) |
Net Income | 17,702 | 16,786 |
Comprehensive (Loss) Income | (32,211) | 12,655 |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Other expenses | (560) | (482) |
Equity in net income of banking subsidiary | 18,150 | 17,171 |
Income Before Income Taxes | 17,590 | 16,689 |
Income tax benefit | 112 | 97 |
Net Income | 17,702 | 16,786 |
Equity in other comprehensive loss of banking subsidiary | (49,913) | (4,131) |
Comprehensive (Loss) Income | $ (32,211) | $ 12,655 |
Parent Company Only Financial_4
Parent Company Only Financial (Parent Company Only Condensed Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 17,702 | $ 16,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock compensation expense | 527 | 432 |
Net change in other assets and liabilities | 1,778 | 800 |
Net Cash Provided by Operating Activities | 19,911 | 15,249 |
Cash Flows from Financing Activities: | ||
Exercise of stock options, net of payment for stock tendered, and proceeds from employee stock purchase plan | 122 | 116 |
Purchase of treasury stock | (100) | (670) |
Dividends paid | (2,644) | (2,253) |
Net Cash Used in Financing Activities | 39,008 | 178,746 |
Parent Company [Member] | ||
Cash Flows from Operating Activities: | ||
Net income | 17,702 | 16,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock compensation expense | 527 | 432 |
Net change in other assets and liabilities | 48 | 42 |
Equity in net income of banking subsidiary | (18,150) | (17,171) |
Net Cash Provided by Operating Activities | 127 | 89 |
Cash Flows Provided By Investing Activities: | ||
Dividend from banking subsidiary | 2,495 | 2,665 |
Cash Flows from Financing Activities: | ||
Exercise of stock options, net of payment for stock tendered, and proceeds from employee stock purchase plan | 189 | 177 |
Purchase of treasury stock | (100) | (670) |
Dividends paid | (2,644) | (2,253) |
Net Cash Used in Financing Activities | (2,555) | (2,746) |
Net Increase in Cash | 67 | 8 |
CASH - BEGINNING | 481 | 473 |
CASH - ENDING | $ 548 | $ 481 |